1st party registration In Oracle apps

1st party registration

We need to define all the relevant attributes of the Business unit (e.g. Manufacturing Unit / Service provider etc) using this form. Important attributes like GST Registration number, PAN# etc. can be defined using this form.

(N) Oracle Financials for India >> Party Registrations >> Define First Party Registration

This can be done at ‘Operating unit’ OR ‘Inventory Organization’ OR Location level. Depending on what is accounting structure and registration we can opt for suitable one. Here we will do at Inventory Organization level.

As we are discussing GST here we will use GST number as primary registration and PAN as secondary registration number.

Define Registration type (if required)

As we are discussing GST here we will use GST number as one of registration. But if GST number is not coming in ‘Registration Name’ filed, then add GST record in ‘JAI_REGISTRATION_TYPES’ Asia lookup (till phase-2 beta patch of GST, Oracle did not seed it we had to define it separately)

Note: Mentioning Location here is an optional field, we will leave it blank so that the setup at Inventory Organization level will be applicable to all the locations of that specific organization.

Scroll little on Right side in Registration tab to feed values to other field like Accounts, and the Tax authority details.

Here mentioned the suitable site of authority under which organization is operating.

Rounding setup:

Reporting Code: (this is options)

Common Configuration Setup

Using this form, we will be able to configure the tax defaulting basis for a specific Operating Unit. This is one of the important setups which drive the tax defaulting mechanism for GST.

(N) Oracle Financials for India >> Tax Configuration >> Define Common Configuration

Operating unit level:

Here we need to mention basis for Tax defaulting. It could be Item based or Rule based

1. In case Item based, existing setup of India Location (prior to GST) will be used as it is. Assign a tax category at item level at it will be defaulting at each transaction level (be the purchase/sale in same state or across state same tax will be defaulted)
2. In case Rules based, we need to define reporting type with Reporting Usage = Tax Determination for Item, 1st party and 3rd party. Then using these reporting types we need to define Tax defaulting rules!

Inventory Organization level: In GST India case now the rule 55(1) (a) says:

bring back inputs, after completion of job-work or otherwise, and/or capital goods, other than mould and dies, jigs and fixtures, or tools, within one year and three years, respectively, of their being sent out, to any of his place of business, without payment of tax.

However so far Oracle provides only one field so we will go with majority which is regular/input good