{"id":6060,"date":"2021-07-12T06:27:22","date_gmt":"2021-07-12T06:27:22","guid":{"rendered":"https:\/\/moiboo.com\/supportdocs\/sample-user-guide\/getting-started\/standard-rated-purchase\/"},"modified":"2021-07-12T06:36:25","modified_gmt":"2021-07-12T06:36:25","slug":"standard-rated-purchase","status":"publish","type":"docs","link":"https:\/\/moiboo.com\/support\/docs\/sample-user-guide\/getting-started\/standard-rated-purchase\/","title":{"rendered":"Standard Rated Purchase"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Standard Rated Purchase<\/h2>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Taxable Purchase\" width=\"1170\" height=\"658\" src=\"https:\/\/www.youtube.com\/embed\/j1Mw2mOYyOI?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Standard Rated Purchase<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">First, Let us see the types of Purchase Scenarios under GST<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Different Types Of Purchase<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>There are 6 types of Purchase Scenarios under GST<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Standard Rated Purchase<\/li><li>Zero Rated Purchase<\/li><li>Imports<\/li><li>Purchase from non-gst registered customers<\/li><li>Exempt Purchase<\/li><li>Out of Scope Purchase<\/li><\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">A Standard Rated Purchase is the purchases which you make locally of goods or services.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The tax paid on Standard Rated Purchase can be adjusted against the tax collected on sales; This is known as input tax credit<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Let Us Now See How To Record A Standard Rated Purchase Using Reach Accounting Software<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"862\" height=\"388\" src=\"https:\/\/moiboo.com\/supportwp-content\/uploads\/2021\/07\/image-129.png\" alt=\"\" class=\"wp-image-6062\" srcset=\"https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-129.png 862w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-129-300x135.png 300w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-129-768x346.png 768w\" sizes=\"(max-width: 862px) 100vw, 862px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">1.Click on Expense in the top tab menu and choose Bill<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"866\" height=\"378\" src=\"https:\/\/moiboo.com\/supportwp-content\/uploads\/2021\/07\/image-130.png\" alt=\"\" class=\"wp-image-6063\" srcset=\"https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-130.png 866w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-130-300x131.png 300w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-130-768x335.png 768w\" sizes=\"(max-width: 866px) 100vw, 866px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">2.Click on Add Bill<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"857\" height=\"605\" src=\"https:\/\/moiboo.com\/supportwp-content\/uploads\/2021\/07\/image-131.png\" alt=\"\" class=\"wp-image-6064\" srcset=\"https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-131.png 857w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-131-300x212.png 300w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-131-768x542.png 768w\" sizes=\"(max-width: 857px) 100vw, 857px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"860\" height=\"633\" src=\"https:\/\/moiboo.com\/supportwp-content\/uploads\/2021\/07\/image-132.png\" alt=\"\" class=\"wp-image-6065\" srcset=\"https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-132.png 860w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-132-300x221.png 300w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-132-768x565.png 768w\" sizes=\"(max-width: 860px) 100vw, 860px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">3.The first tab will prompt you to choose the type of Invoice you choose to raise; Choose Standard Rated Purchase<br>4.The Bill entry is divided into three sections<br><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The first section allows you to fill the basic Supplier Invoice details like date, supplier reference, currency and due date<\/li><li>You will see a checkbox which has to be checked if the taxable purchase is subject to customer accounting.<\/li><li>The second section allows you to choose the products, description, quantity and value of the purchase along with taxes<\/li><li>The final section allows you to attach the bill copy and set reminders for payment followup<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">5.Fill the details appropriately<br>6.Once done, you have to option to save the Invoice<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"867\" height=\"395\" src=\"https:\/\/moiboo.com\/supportwp-content\/uploads\/2021\/07\/image-133.png\" alt=\"\" class=\"wp-image-6066\" srcset=\"https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-133.png 867w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-133-300x137.png 300w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-133-768x350.png 768w\" sizes=\"(max-width: 867px) 100vw, 867px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"862\" height=\"668\" src=\"https:\/\/moiboo.com\/supportwp-content\/uploads\/2021\/07\/image-134.png\" alt=\"\" class=\"wp-image-6067\" srcset=\"https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-134.png 862w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-134-300x232.png 300w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-134-768x595.png 768w\" sizes=\"(max-width: 862px) 100vw, 862px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">7.On saving the Invoice Reach Software will automatically record the supplier bill<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"864\" height=\"448\" src=\"https:\/\/moiboo.com\/supportwp-content\/uploads\/2021\/07\/image-135.png\" alt=\"\" class=\"wp-image-6068\" srcset=\"https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-135.png 864w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-135-300x156.png 300w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-135-768x398.png 768w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-135-770x400.png 770w\" sizes=\"(max-width: 864px) 100vw, 864px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">8.The daybook, ledgers, trial balances and financial statements are automatically posted and prepared<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"859\" height=\"300\" src=\"https:\/\/moiboo.com\/supportwp-content\/uploads\/2021\/07\/image-136.png\" alt=\"\" class=\"wp-image-6069\" srcset=\"https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-136.png 859w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-136-300x105.png 300w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-136-768x268.png 768w\" sizes=\"(max-width: 859px) 100vw, 859px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">9.The GST payable ledger is automatically adjusted for input credits<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"868\" height=\"656\" src=\"https:\/\/moiboo.com\/supportwp-content\/uploads\/2021\/07\/image-137.png\" alt=\"\" class=\"wp-image-6070\" srcset=\"https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-137.png 868w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-137-300x227.png 300w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-137-768x580.png 768w\" sizes=\"(max-width: 868px) 100vw, 868px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"799\" height=\"218\" src=\"https:\/\/moiboo.com\/supportwp-content\/uploads\/2021\/07\/image-138.png\" alt=\"\" class=\"wp-image-6071\" srcset=\"https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-138.png 799w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-138-300x82.png 300w, https:\/\/moiboo.com\/support\/wp-content\/uploads\/2021\/07\/image-138-768x210.png 768w\" sizes=\"(max-width: 799px) 100vw, 799px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">10.It will also auto-populate the relevant tax codes in the GST forms so you will not have to prepare them manually later.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Standard Rated Purchase Standard Rated Purchase First, Let us see the types of Purchase Scenarios under GST Different Types Of Purchase There are 6 types of Purchase Scenarios under GST Standard Rated Purchase Zero Rated Purchase Imports Purchase from non-gst registered customers Exempt Purchase Out of Scope Purchase A Standard Rated Purchase is the purchases [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":2485,"menu_order":27,"comment_status":"open","ping_status":"closed","template":"","doc_tag":[],"class_list":["post-6060","docs","type-docs","status-publish","hentry","no-post-thumbnail"],"acf":[],"_links":{"self":[{"href":"https:\/\/moiboo.com\/support\/wp-json\/wp\/v2\/docs\/6060","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/moiboo.com\/support\/wp-json\/wp\/v2\/docs"}],"about":[{"href":"https:\/\/moiboo.com\/support\/wp-json\/wp\/v2\/types\/docs"}],"author":[{"embeddable":true,"href":"https:\/\/moiboo.com\/support\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/moiboo.com\/support\/wp-json\/wp\/v2\/comments?post=6060"}],"version-history":[{"count":1,"href":"https:\/\/moiboo.com\/support\/wp-json\/wp\/v2\/docs\/6060\/revisions"}],"predecessor-version":[{"id":6072,"href":"https:\/\/moiboo.com\/support\/wp-json\/wp\/v2\/docs\/6060\/revisions\/6072"}],"up":[{"embeddable":true,"href":"https:\/\/moiboo.com\/support\/wp-json\/wp\/v2\/docs\/2485"}],"wp:attachment":[{"href":"https:\/\/moiboo.com\/support\/wp-json\/wp\/v2\/media?parent=6060"}],"wp:term":[{"taxonomy":"doc_tag","embeddable":true,"href":"https:\/\/moiboo.com\/support\/wp-json\/wp\/v2\/doc_tag?post=6060"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}