Transaction type is used to define various modes of transaction. Transactions may vary from local to international along with its respective taxes. The respective forms, credit type and other transaction related information can be mentioned.

Fields & its description:

• Code & Name

Enter a code and name for transaction. E.g. LS as code and Local Sales as name.

• Transaction Type

TAX and DUTY are the two transaction types available. Select an option according to your requirement.

• Nature

Now the the nature of the transaction is available. Here there are basic options like sales, purchase and transfer. Returning transactions are also possible and is provided in the options. Job work and Sub contract, which refers to obtaining and providing jobs.

• Location

Enter the location which can be Domestic – within/outside state and international.

• Is Form Received

Check this option if the corresponding transaction form is received from the party. If you have checked this option then specify the Receive Form.

• Is Form Issued

Check this option if the corresponding transaction form is issued to the party. If you have checked this option then specify the Issue Form.

•  VAT Category

Specify the Value Added Tax category of the transaction.

• Credit Type

There are various credit types possible. Based on the credit claim, select the required option.

•  Tracking

If you want to track the progress of this transaction then select this option.

• RG1 Category

Several options are present under this field that allows you to specify the RG1 category which maybe export under bond or rebate duty, home, manufactured and others. Choose accordingly.