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Simplify your GST reconciliation process with one-click recon with your purchase register
Reconcile invoices, debit notes, match GSTR data automatically with your purchase register and seamlessly handle errors and exceptions.
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Safe and secure. Compliant with RBI guidelines & IndAS
Talk to Sales
Safe and secure. Compliant with RBI guidelines & IndAS
Trusted by more than 3000 companies
The Problem Today
Manually tracking and reconciling data from multiple sources increases operational costs, blocks working capital, and delays filings
Manually matching and verifying large volumes of invoices and transactions is not only error-prone but also leads to significant discrepancies, compliance issues, and potential financial losses due to missed Input Tax Credits (ITC).
Compliance is ignored
Invoices are rarely checked for compliance issues - struck off PANs, incorrect GST, MSME,
e-invoice checks and more.
No central database
Invoices and vendor data is distributed, and often inaccessible when required for audits and future reference.
Unreliable OCR systems
Legacy OCR scanning only offers about 65% accuracy, reducing trust in the system and leaving invoices to be checked manually.
The Problem Today
AP teams spend 100s of hours booking invoices
This is not only a waste of time and productivity, but many a times the invoice booking process has compliance loopholes, uses outdated technology and there is no central storage system for audit readiness and future reference.
Compliance is ignored
Invoices are rarely checked for compliance issues - struck off PANs, incorrect GST, MSME,
e-invoice checks and more.
No central database
Invoices and vendor data is distributed, and often inaccessible when required for audits and future reference.
Unreliable OCR systems
Legacy OCR scanning only offers about 65% accuracy, reducing trust in the system and leaving invoices to be checked manually.
Time-Consuming Recon
Reconciling data manually is a lengthy and labor-intensive process, especially when managing multiple GSTINs.
Blocked Working Capital
Manual reconciliation processes can lead to blocked working capital and higher financial risks due to delayed and inaccurate filings.
Manual Reconciliation
Manual reconciliation with limited fields restricts maximum ITC claims, as it doesn't reconcile all possible matching invoices.
Eliminate Errors, Save Time and Reduce Workload with Reliable Reconciliation Software
Table 4 & 5
One-Click PAN-Level and Multi-Period Reconciliation
Eliminate the hassle of running reconciliations for each GSTIN and across multiple periods with our one-click PAN-level & multi-period reconciliation. Consolidate data for all GSTINs under a single PAN.
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GSTR 2A and 2B Reconciliation
Revolutionize Your ITC Claims with "Matched with Tolerance"
Identify eligible invoices for GSTR 3B claims, & save you valuable time. Claim invoices even with differences, capturing technically claimable ones previously missed.
Auto Carry-Forward Invoices
Automatically carry forward open invoices from previous periods
Streamline reconciliation by automatically carrying forward & tracking unreconciled invoices from previous periods, ensuring you never lose sight of pending records and improving workflow efficiency.
Automated Reconciliation
Achieve 90-95% Accuracy with Automated Reconciliation
Handle large-scale data with increased speed & accuracy in ingestion, filing, reconciliation & reporting. Achieve 90-95% improved reconciliation accuracy, reducing discrepancies and enhancing efficiency.
Ultimate Reconciliation Suite
Comprehensive Reconciliation Set for Unmatched Accuracy
Comprehensive set of reconciliation features, including Purchase register vs 2A/2B, Sales register vs General Ledger, E-invoice, E-Way bill & Purchase register vs Expense GL, ensures efficient reconciliation processes.
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Understanding GST Reconciliation & Importance of Accurate GST Reporting
GST reconciliation involves matching the data between your books of accounts and the GST returns filed, ensuring accuracy in reporting. The process includes ITC reconciliation, GST purchase reconciliation, and the verification of tax liabilities. Whether through an Excel sheet for GST reconciliation or using automation, maintaining accurate records is essential. For instance, an annual GST reconciliation helps avoid discrepancies during GST audit reconciliation, ensuring compliance.
Importance of Accurate GST Reporting
Avoid Penalties: Proper GST return and rate reconciliation helps prevent costly errors.
Ensure Compliance: Accurate reconciliation ensures compliance and smooth GST audit reconciliation.
Maximize ITC: Effective GST ITC reconciliation ensures all eligible credits are claimed.
Simplify Audits: Consistent GST reconciliation simplifies audits and reduces issues.
Importance of Accurate GST Reporting
Avoid Penalties: Proper GST return and rate reconciliation helps prevent costly errors.
Ensure Compliance: Accurate reconciliation ensures compliance and smooth GST audit reconciliation.
Maximize ITC: Effective GST ITC reconciliation ensures all eligible credits are claimed.
Simplify Audits: Consistent GST reconciliation simplifies audits and reduces issues.
Key Components of GST Reconciliation
Overview of GST Returns (GSTR-1, GSTR-3B, etc.): GST reconciliation starts with understanding various GST returns like GSTR-1 and GSTR-3B. GSTR-1 details outbound supplies, while GSTR-3B summarizes your monthly tax liability and input tax credit. Reconciling these returns with your records ensures consistency and accuracy in reporting.
Understanding Input Tax Credit (ITC) and Its Role: ITC allows businesses to offset the tax paid on inputs against their output tax liability. Effective GST reconciliation involves ITC reconciliation, ensuring that all eligible credits are captured and accurately reflected in your GST returns. This minimizes tax liability and maximizes financial efficiency.
Matching GSTR-2A with Purchase Data: GSTR-2A provides a dynamic view of your eligible input tax credits based on supplier returns. Reconciling GSTR-2A with your purchase data helps identify discrepancies between the credits claimed and those reported by suppliers, ensuring that your GST input reconciliation is accurate and compliant.
Understanding Input Tax Credit (ITC) and Its Role: ITC allows businesses to offset the tax paid on inputs against their output tax liability. Effective GST reconciliation involves ITC reconciliation, ensuring that all eligible credits are captured and accurately reflected in your GST returns. This minimizes tax liability and maximizes financial efficiency.
Matching GSTR-2A with Purchase Data: GSTR-2A provides a dynamic view of your eligible input tax credits based on supplier returns. Reconciling GSTR-2A with your purchase data helps identify discrepancies between the credits claimed and those reported by suppliers, ensuring that your GST input reconciliation is accurate and compliant.
Benefits of GST Reconciliation
Streamlined Business Processes
GST reconciliation simplifies compliance by identifying discrepancies early and maintaining accurate records. The GST reconciliation process, when done in the GST portal, makes rate reconciliation and GST return reconciliation more efficient, enhancing overall financial management.
Maximized Input Tax Credit (ITC) Claims
Effective ITC reconciliation in GST helps claim all eligible credits, preventing financial losses. Regularly performing GST ITC reconciliation, whether manually or through an Excel sheet for GST reconciliation, ensures you don’t miss out on any ITC.
Accurate Tax Reporting and Compliance
GST reconciliation ensures that your GST returns match actual transactions, reducing the risk of errors and penalties. Regular GST reco, including GST purchase reconciliation and annual GST reconciliation, keeps your records aligned and ready for GST audit reconciliation.
Best Practices for GST Reconciliation
1. Regular Review and Compliance Checkpoints: Consistently review your GST returns and perform annual GST reconciliation to ensure accuracy and compliance. Regular compliance checkpoints help maintain correct GST input reconciliation and avoid issues during GST audit reconciliation.
2. Leveraging Automation for Efficiency: Utilize automated tools and the GST portal for efficient GST reconciliation. Automation reduces errors in ITC reconciliation and streamlines the GST reconciliation process, enhancing overall accuracy.
3. Vendor Communication and Invoice Accuracy: Maintain clear communication with vendors to ensure accurate invoice details and timely GST purchase reconciliation. Accurate vendor data and invoices are crucial for correct ITC reconciliation in GST.
2. Leveraging Automation for Efficiency: Utilize automated tools and the GST portal for efficient GST reconciliation. Automation reduces errors in ITC reconciliation and streamlines the GST reconciliation process, enhancing overall accuracy.
3. Vendor Communication and Invoice Accuracy: Maintain clear communication with vendors to ensure accurate invoice details and timely GST purchase reconciliation. Accurate vendor data and invoices are crucial for correct ITC reconciliation in GST.
Major and Common Issues and Resolution Strategies
1. Handling ITC Mismatches: Address ITC mismatches by reconciling GST ITC with GSTR-2A and purchase records. Use tools or an Excel sheet for GST reconciliation to identify and correct discrepancies promptly.
2. Dealing with Unclaimed Input Tax Credits: Ensure all eligible credits are claimed by performing regular GST input reconciliation and checking for any missed ITC. Regularly review GST purchase reconciliation to capture unclaimed credits.
3. Resolving GST Liability Discrepancies: Resolve GST liability discrepancies by comparing GST return reconciliation with actual transaction data. Use the GST portal and reconciliation process to correct errors and ensure accurate tax liability reporting.
2. Dealing with Unclaimed Input Tax Credits: Ensure all eligible credits are claimed by performing regular GST input reconciliation and checking for any missed ITC. Regularly review GST purchase reconciliation to capture unclaimed credits.
3. Resolving GST Liability Discrepancies: Resolve GST liability discrepancies by comparing GST return reconciliation with actual transaction data. Use the GST portal and reconciliation process to correct errors and ensure accurate tax liability reporting.
Step-by-Step Reconciliation Workflow
Gather Data: Compile all relevant documents and data using Excel sheets or the GST portal.
Reconcile GST Returns: Match your GST returns (GSTR-1, GSTR-3B) with your records.
Conduct ITC Reconciliation: Verify that ITC claims align with GSTR-2A data.
Resolve Discrepancies: Address any mismatches or errors found during the reconciliation.
Perform Annual Reconciliation: Complete a yearly review to ensure accuracy and prepare for audits.
Reconcile GST Returns: Match your GST returns (GSTR-1, GSTR-3B) with your records.
Conduct ITC Reconciliation: Verify that ITC claims align with GSTR-2A data.
Resolve Discrepancies: Address any mismatches or errors found during the reconciliation.
Perform Annual Reconciliation: Complete a yearly review to ensure accuracy and prepare for audits.
Frequently Asked Questions
Why is GST Reconciliation required?
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Can I automate the GST reconciliation process?
What are the common challenges in GST reconciliation?
How do I reconcile my GST returns with GSTR-2A?
What documents are needed for GST reconciliation?
How do I reconcile my GST accounts?
What are GSTR-2A and 3B reconciliation?
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