Professional Documents
Culture Documents
Contents
INTRODUCTION ............................................................................................................................. 2
I ACCOUNTING............................................................................................................................ 3
1.
Concept ............................................................................................................................. 3
2.
Applications ....................................................................................................................... 3
3.
Obligations ........................................................................................................................ 3
4.
Assets...................................................................................................................... 3
4.2
Liabilities ................................................................................................................. 5
5.
6.
4.3
Revenues ................................................................................................................ 6
4.4
Expenses .................................................................................................................... 6
4.5
4.6
4.7
-Concept for CFOP, Legal Books and tax rule related to Accounting .............................. 25
5.1
5.2
5.3
5.4
5.5
5.6
5.7
5.8
5.9
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INTRODUCTION
The main purpose of this material is about to explain Brazil Accountancy & Taxes
principles, techniques and its behavior in Brazil legal reports.
In this material will see the right way to post all possible processes inside accounting
area and their registers on the Brazil legal books.
All registers will be explained from a process concept point of view, FI posting scheme
and legal books posting in the following areas:
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I ACCOUNTING
1. Concept
Accounting is the science that studies the Equity by the economical and finance point
of view, taking into account all the quantitative aspects and all variances inside it.
2. Applications
Accounting is applied in all entities, being a person, a non - profitable entity, or a
company and either a Federal, State or Municipal Public Company.
3. Obligations
"Postings are mandatory by virtue of laws, and through them there is the possibility of
controlling all operations of a company as far as the mandatory tax payments required
to maintain the existence of the State and the yearning of the Society."
4. Accounting Division
Accounting is divided into 5 parts for better understanding:
Assets
Liabilities
Equity
Revenues
Expenses
4.1 Assets
Assets represent all goods and rights of one entity or company, monetarily expressed.
Therefore, assets and the accounts have always a debit nature (DB).
Goods are that, which cause satisfactions to the human being necessities and can be
economically evaluated.
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From the accounting point of view, you can define goods as everything that a company
has, whether for use, consumption or trade.
Goods of use example:
-
is called Accounts
Based on this, we know that one asset represents all the rights and goods expressed
monetarily, increasing values by a FI debit posting (DB).
-
Asset of one company is increased with a debit (DB) and decreased with a
credit (CR)
Increasing posting or debits (DB) appears in the left side of accounting.
Decreasing posting or credits (CR) appears in the right side of accounting.
Bank accounts
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Cash
Accounts Receivable
Prepaid/Recoverable taxes
Finished Goods
Furniture
Vehicles
Building
Land
Machinery & Equipment
4.2 Liabilities
Liabilities represent all company obligations, i.e., amounts due to third parties.
Example:
A company buys into short payment terms and due to that obligation payment is the
future. This means a payable invoice corresponding to Accounts Payable.
Based on that, we know that one liability represents all the obligations being paid
expressed monetarily, increasing values by a credit posting (CR).
-
Liabilities of one company is increased with a credit (CR) and decreased with a
debit (DB).
Increasing posting or credits (CR) appears in the right side of accounting.
Decreasing posting or debits (DB) appears in the left side of accounting.
Accounts Payable
Rental/Leasing Payable
Taxes Payables
Salaries Payable
Loans Payable
Interest Payable
Social Contribution Payable
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4.3 Equity
Equity represents the owners investments in a company, profits and losses from prior
years and dividends payable to partners.
Equity is the difference between Assets and Liabilities in a certain time.
Example:
Assets..10,000.00
Liabilities5,300.00
Equity..4,700.00
4.3 Revenues
General Sales
Services Sales
Rentals Receivable
Interest Receivable
Exchange Gain
Items given above are posting to assets in a monetary form for one company.
-
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Example:
-
Utilities
Rental
Cafeteria
Sales discounts
Bank charges
Taxes expenses
Interest payable
Stationery \
When talking about direct and indirect taxes to be considered on Notas Fiscais related to
business process, currently Brazil works into three different authority levels for taxation:
Federal, State and Municipal
Federal
To the Federal level we have the following tax types considered as the main ones:
Direct
PIS Withholding tax
COFINS Withholding tax
CSLL withholding tax
IRRF Withholding tax
INSS Withholding tax
Indirect
PIS regular tax Social Integration Program
COFINS regular tax Social Finance Contribution
IPI regular tax Tax on Industrialized products
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State
ICMS Tax on goods movement
ICMS ST (Surcharge)
Municipal
ISS tax on service
ISS Withholding tax on service
4.6 Nota fiscal Concept
While countries authorities all over of the word require an invoice document in order charge
customer and also declare VAT tax to be collected to the order to cash process, Brazil works
into a different approach. Invoice is replaced into a Nota Fiscal document.
Goods Nota Fiscal
Whatever goods company moves to outside of the company, Nota Fiscal document is required.
Nota Fiscal is something similar to invoice, but the difference in between is about an official
form and layout given by government where every single company which is defined as ICMS
taxpayer must post and print this document out.
On this Nota Fiscal document you have all data related to sender tax payer, customer, goods,
unit and total price, tax base and tax amounts, payment terms, forwarding agent and so on.
As main and important legal requirement, when company posts a good issue immediately that
Nota fiscal document must also be posted.
Brazil Company could never moves goods to outside without posting outgoing Nota Fiscal.
Brazil authorities requires that you as soon as goods issue is posted, COGs and inventory
account must also immediately posted and as Nota Fiscal is immediately required, revenue,
customer and tax to pay must be posted as well.
This means that COGs and revenue must be recognized at the same time.
It is not allowed to send goods to customer through a simple bill of lading document without
goods issue and just post it and invoice when customer confirms goods receipt.
Nota Fiscal is required to every single process which moves goods. It does not matter if process
refers to order to cash, consignment, subcontracting process, free of charge, donation,
samples etc. This is due to tax must be calculated and paid.
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This happens to goods receipt. When goods receipt is posted, immediately that invoice receipt
must also be posted.
In general rule:
Post goods issue and outgoing invoice/Nota Fiscal must be posted into the same posting date.
Post goods receipt and incoming Invoice/Nota Fiscal receipt must be posted into the same
posting date.
See below a Nota Fiscal document as example.
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Currently in Brazil Notas Fiscais related to goods, when it is posted, before shipping goods an
electronic approval by the government is required.
Then as soon as billing document is created, an XML file with all invoice data must be sent to
the government and after government approval that Nota Fiscal Document can be printed out.
An approval is recognized by a Protocol Number given by the authority in which must be
printed on that outgoing Nota Fiscal.
Service Nota fiscal
Regarding to Service Nota Fiscal, layout depends on where city service provider is located in.
Due to more than 5000 cities all over Brazil, we may have also about 5000 service Nota Fiscal
layouts.
As there is no goods involvement that NF can be posted any time. Municipal government
requires an electronic one and approval as well.
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After all above explanations given as accounting area is, we can see some examples getting
involved those provided concepts.
a) Raw material purchasing for a finished good production and consequent sale:
Total invoice
Raw material amount
IPI 10% tax rate
IPI tax base amount
ICMS 18% tax rate
ICMS tax base amount
PIS 0,65% tax rate
PIS tax base amount
COFINS 3,0% tax rate
COFINS tax base amount
$ 1,100.00
$ 1,000.00
$ 100.00
$ 1,000.00
$ 180.00
$ 1,000.00
$
6,50
$ 1,100.00
$
30.00
$ 1,100.00
In 99, 9% of purchases for industrialization (raw material) the tax base amount for ICMS/IPI
taxes will be the raw material value. In this case, if the buyer is a taxpayer for both taxes, keep
in mind that credits of those taxes must be taken in incoming fiscal book.
See below how accounting and fiscal books are posted:
-
Six accounts are involved in this document being five of them asset and one liability.
DB Raw material inventories (Asset-exchange goods)
DB ICMS Recoverable
(Asset-rights)
DB IPI Recoverable
(Asset-rights)
DB PIS Recoverable
(Asset-rights)
DB COFINS Recoverable
(Asset-rights)
CR Accounts Payable (Liability- Payable Obligations)
$ 783.50
$ 180.00
$ 100.00
$......6,50
$.....30,00
$ 1,100.00
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Raw Material
inventories
(1)
783.50
(DB)
Accounts Payable
(1)
1,100.00
(CR)
ICMS Recoverable
IPI Recoverable
(1) 180.00
(1) 100.00
(DB)
(DB)
PIS Recoverable
COFINS Recoverable
(1) 6.50
(1) 30.00
(DB)
(DB)
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$ 1,100.00
$ 1,000.00
$ 180.00
$ 1,000.00
$ 100.00
No PIS and COFINS taxes information are required in this incoming legal book.
If purchases are not taxed by IPI, PIS and COFINS taxes, accounting follows the same
line and those nontaxable taxes postings are excluded.
Incoming legal books registration shows charges as follows:
Accounting amount
ICMS tax base amount
ICMS tax amount-credit
IPI tax other or excluded base
$ 1,000.00
$ 1,000.00
$ 180.00
$ 1,000.00.
If purchases are not taxed by ICMS, PIS and COFINS taxes, accounting follows the same
line and those nontaxable taxes postings are excluded.
Incoming legal books registration shows posting as follows:
Accounting amount
ICMS tax other or excluded base
IPI tax base amount
IPI tax amount-credit
$ 1,100.00
$ 1,100.00
$ 1,000.00
$ 100.00
If purchases are not taxed by ICMS, IPI, PIS and COFINS taxes, accounting follows the
same line and those nontaxable taxes postings are excluded.
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$ 1,000.00
$ 1,000.00
$ 1,000.00
Accounts Payable
(1)
1,000.00
(CR)
As a general rule, every purchases for industrialization (raw material) that will be sold
as a new product, purchase of other indirect materials for production (indirect
material) or resale products, the calculation for accounting purposes becomes very
simple.
Excluding all amounts of existing taxes on Invoice (Nota Fiscal), the remaining amount
to be charged to inventories accounting, will be the total of Nota Fiscal less taxes.
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$ 1,100.00
$ 1,000.00
$ 100.00
$ 1,000.00
$ 180.00
$ 1,000.00
$
6,50
$ 1,100.00
$
30.00
$ 1,100.00
ICMS Recoverable
Accounts Payable
(1) 198.00
(1) 820.00
(DB)
(1) 1,100.00
(CR)
(DB)
Although PIS and COFINS taxes are included in the Nota Fiscal, they are not allowed to
be recovered once material refers to consumption purpose.
c) Services Purchases
This kind of purchase should be related to a production order (Finished Goods) or
direct expense.
One detail on this item, there is no obligation to register Service Nota Fiscal on
Incoming legal books.
Service Nota Fiscal includes sometimes, both taxes being ISS -Services tax- and IRRF
withholding.
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Example:
NF Service amount
ISS tax rate 5%
ISS tax base amount
IRRF WHT tax rate 1,5%
IRRF WHT base amount
$ 1,000.00
$
50.00
$ 1,000.00
$ .15.00
$ 1,000.00
In this situation two liabilities accounts and one asset account will be utilized. If the
material refers to production of finished goods, an asset account will be necessary or if
you are purchasing for consumption an expense account must be utilized.
Examples:
1 Production:
DB Production order/Inventories (Asset exchanging goods)
$ 1,000.00
CR Vendor accounts payable (Liabilities obligations payable) $ 985.00
CR IRRF withholding payable (Liabilities obligations payable) $
15.00
Production Order
(2)
1,000.00
(DB)
Accounts Payable
(1) 985.00
(CR)
(2) 15.00
(CR)
The payment to vendor is net of IRRF (WHT), as such tax will be paid to the
federal government through a document called DARF.
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If the above purchase will be consumed, postings are the same above but
replacing account Production order into General expenses.
$ 1,100.00
$ 1,000.00
$ 100.00
$ 1,000.00
$ 180.00
$ 1,000.00
$
6.50
$ 1,100.00
$
30.00
$ 1,100.00
In most of the purchases, almost 99, 9%, are done for resale or industrialization so the
IPI/ICMS tax base amount will be the goods value. In this case if the seller or vendor is
a taxpayer for both taxes, register of debit on Outgoing legal books and credit on
Incoming legal books are mandatory.
See below how accounting posting behaves:
-
This FI posting contains eleven accounts, being two for assets, four for liabilities, four
for expenses and one for revenue.
DB Customer (Assets Accounts Receivable)
CR Gross sales revenue (Revenue)
DB ICMS tax sales deduction (Expenses)
CR ICMS tax to pay (Liabilities)
CR - IPI tax to pay (Liabilities)
DB PIS tax sales deduction (Expenses)
CR - PIS tax to pay (Liabilities)
DB COFINS tax sales deduction (Expenses)
CR - COFINS tax to pay (Liabilities)
DB COGs (Expenses) - exemplification only
CR Inventories (Assets)
$ 1,100.00
$ 1,000.00
$ 180.00
$ 180.00
$ 100.00
$
6.50
$
6.50
$
30.00
$
30.00
$
450.00
$
450.00
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Customer
(1)
1,100.00
(D)
(1)
1,000.00
(C)
IPI Payable
(1)
180.00
(C)
(1)
100.00
(C)
(1)
6.50
(D)
(1)
6.50
(C)
COGs(Cost of Goods
Sold))
(2)
450.00
(D)
Inventories
(2)
450.00
(c)
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$ 1,100.00
$ 1,000.00
$ 180.00
$ 1,000.00
$ 100.00
Although PIS and COFINS taxes are calculated and posted in FI accounting they are not
obligated to be posted in outgoing legal as well. For those sales where IPI, PIS and
COFINS taxes are not taxable, accounting follows the same rule and those nontaxable
taxes are excluded.
In the outgoing legal books, Posting are:
Accounting amount
ICMS tax base amount
ICMS Debit
IPI excluded/other base
$ 1,100.00
$ 1,000.00
$ 180.00
$ 1,000.00
For those sales where ICMS, PIS and COFINS taxes are not taxable, (IPI only),
accounting follow the same rule, and those nontaxable taxes are excluded.
In the outgoing legal books, postings are:
Accounting amount
ICMS excluded or other base
IPI tax base amount
IPI Debit
$ 1,100.00
$ 1,100.00
$ 1,000.00
$ 100.00
Sales for end user, accounting posting follow the same rule. Only change is about ICMS
tax base amount where its tax base is that material value plus IPI amount as given
below.
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$ 1,100.00
$ 1,000.00
$ 100.00
$ 1,000.00
$ 198.00
$ 1,100.00
$
6.50
$ 1,100.00
$
30.00
$ 1,100.00
Customer
(1)
1,100.00
(D)
$ 1,100.00
$ 1,000.00
$ 198.00
$ 198.00
$ 100.00
$
6.50
$
6,50
$
30.00
$
30.00
$
450.00
$
450.00
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(1)
198.00
(C)
(1)
100.00
(C)
PIS to Pay
(1)
6.50
(D)
(1)
6.50
(C)
(1)
30.00
(D)
Inventories
(2)
450.00
(D)
(2)
450.00
(c)
$ 1,100.00
$ 1,100.00
$ 198.00
$ 1,000.00
$ 100.00
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$ 1,000.00
$ 1,000.00
$ 50.00
$ 1,000.00
$
1.50
$ 1,000.00
$
6.50
$ 1,000.00
$
30.00
$ 1,000.00
This posting contains eleven accounts, being three for assets, three for liabilities, four
for expenses and one for revenue.
DB Customer (Assets Accounts Receivable)
CR Gross services sales revenue (Income)
DB ISS tax sales deduction (Expenses)
CR ISS tax to pay (Liabilities)
DB IRRF WHT Recoverable (Assets)
DB PIS tax sales deductions (Expenses)
CR PIS tax to pay (Liabilities)
DB COFINS tax sales deductions (Expenses)
CR - COFINS tax to pay Payable (Liabilities)
DB Cost of service (Expenses) - exemplification only
CR Payroll accrual (labor for appropriation)
Customer
(1)
998.50
(D)
$ 998.50
$ 1,000.00
$
50.00
$
50.00
$
1.50
$
6.50
$
6.50
$
30.00
$
30.00
$
150.00
$
150.00
ISS Tax Sales
Deduction
(1)
50.00
(D)
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Cost of Service
(2)
150.00
(D)
PIS to Pay
(1)
6.50
(D)
(1)
6.50
(C)
COFINS to Pay
(1)
30.00
(C)
Recoverable IRRF
WHT
(1)
1.50
(D)
Labor for
Apropriation
(2)
150.00
(c)
IRRF WHT must be always posted and withhold at the invoice posting while PIS,
COFIS and CSLL withhold at the payment posting.
Example:
-
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Incoming
Outgoing
For better understanding, we will start with outgoing and then incoming transactions.
We need to keep in mind that identifying, incoming transaction naturally we will be
able to define accounting classification and posterior accounting posting.
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Taxation breakdown:
-
Inside State transactions (5000) rates are 17% or 18% according State
legislation.
Transactions among different States, legislation ruled taxation as follows:
Transactions among States South/Southeast (SP, MG, RJ, PR, SC, RS)-rate
applied is 12%.
Transactions among State North/Northeast, including Espirito Santo state
rate applied is 7%.
Incoming and outgoing transactions are also related to each other because for nature
determination on incoming we need to know the outgoing nature, informed on Nota
Fiscal and goods application at the buyer company. With this information on hands we
are able to define which accounting classification and registers.
Incoming is controlled by codes as follows:
-
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ICMS tax rates determination is defined also through that same SINIEF agreement
signed up by all States.
Tax rates rule were given as follow:
-
Transactions inside the same State (1000), 17 or 18% are applied according
State legislation.
Transactions among South/Southeast region States (SP, MG, RJ, PR, SC, RS)
12% rate is applied.
Transactions from North/Northeast/Middle West, including Espirito Santo
state to South/Southeast regions 12% rate are applied.
Transactions from South/Southeast regions to North/Northeast/Middle West
7% rate are applied.
Incoming transactions from other countries, the internal rate of the State
where the merchandise is cleared.
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First of all you have Brazil map where in there we have 27 States
By grouping those States into regions, government was able to harmonize ICMS
taxation based on region with same characteristics and also its own development.
Then, 5 regions were defined.
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Taking into account States grouped into regions, government defined ICMS tax rates
for operation into the same and among States (Ship from Ship to) as given:
With the table shown below, you have then ICMS general tax rates rule getting
involved all States.
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When, talking about a transaction of an incoming good on incoming fiscal book, each
transaction which has the characteristic of tax appropriation posting is:
-
When talking about a transaction of an outgoing good on outgoing fiscal book, each
transaction which has de characteristic of tax appropriation posting is:
-
Therefore, the amount of account Recoverable taxes in accounting must be the same
of the column of the incoming legal books named Tax credit.
The amount of the account named Tax to pay must be the same of the column of the
outgoing legal books named Tax debit.
The difference between those two accounts must be exactly the amount payable to
government agency or keep this amount to be recovered next month, in case credit in
incoming legal books is greater than outgoing one.
Summarizing:
-
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SPED Fiscal Containing all incoming and outgoing Notas Fiscais Information
Required on monthly basis
SPED G/L accounting posting Containing all accounting posting
Required on yearly basis
SPED PIS/COFINS All posting related to PIS and COFINS taxes.
Required on monthly basis
After the above concepts given we can go through all possible incoming and outgoing
process and how their behaviors are in accounting and fiscal area.
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= $ 2,200.00
= $ 2,000.00
= $ 360.00
= $ 200.00
=$
13.00
= $ 2,200.00
=$
60.00
= $ 2,200.00
$ 2,200.00
$ 2,000.00
$ 360.00
$ 2,000.00
$ 200.00
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1.2 Accounting
DB Raw Material inventories account
DB Recoverable ICMS
DB Recoverable IPI
DB Recoverable PIS
DB Recoverable COFINS
CR Accounts Payable
$ 1,567.00
$ 360.00
$ 200.00
$......13.00
$......60.00
$ 2,200.00
Inventories
(1)
1,567.00
(D)
Recoverable ICMS
(1)
360.00
(D)
Accounts Payable
(2) 2,200.00
C
Recoverable PIS
(1) 13.00
(D)
Recoverable IPI
(1)
200.00
(D)
Recoverable
COFINS
(1) 60.00
(D)
When purchasing raw materials and IPI, PIS and COFINS are not due, accounting
process follows as above excluding those mentioned tax types.
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$ 2,000.00
$ 2,000.00
$ 360.00
$ 2,000.00
When purchasing raw materials and ICMS, PIS and COFINS are not due, accounting
process follows as above excluding those mentioned tax types.
Incoming legal book will be as follows:
CFOP Code= 1.101 Raw material purchase inside State
Accounting amount =
ICMS other or excluded base =
IPI tax base amount =
IPI Credit =
$ 2,200.00
$ 2,000.00
$ 2,000.00
$ 200.00
When purchasing raw materials and ICMS/IPI is not due, accounting process follows as
above excluding ICMS/IPI posting only.
Incoming legal book will be as follows:
CFOP Code= 1.101 Raw material purchase inside State
Accounting amount =
ICMS other or excluded base=
IPI excluded or other base =
$ 1,000.00
$ 1,000.00
$ 1,000.00
Posting in this case is the very simple. Taxes are excluded, remaining Nota fiscal total
amount to be posted to Inventory account versus Accounts Payable.
Remarks:
If that purchase is from another state (6.101) or other country (7.101), just change the
first digit of CFOP from 1(1.101) to 2(2.101) or 3(3.101) checking the ICMS rate and
follow the same posting practice.
If the CFOP Code is 5.102, 6.102 or 7.102 (Resale) procedure will be the same as above,
but taking into account taxes on Nota Fiscal.
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It is necessary in this case verify if there is some existing rule for tax credit, as from the
year 2000 on, new rules were put in place for ICMS credits for some of those material.
Purchase Nota Fiscal of consumption material, with ICMS/IPI CFOP Codes 5.102 (inside
State).
Nota fiscal total amount
ICMS/IPI tax base amount
ICMS amount of 18%
IPI amount of 10%
= $ 1,100.00
= $ 1,100.00
= $ 198.00
= $ 100.00
Accounting amount
Calculation basis - ICMS
ICMS amount at 18%
IPI excluded or other base
= $ 1,100.00
= $ 1,100.00
= $ 198.00
= $ 1,100.00
2.2 Accounting
DB Consumption material/Cleaning/ Stationary etc.
DB Recoverable ICMS
CR Accounts Payable
= $ 902.00
= $ 198.00
= $ 1,100.00
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Consump.Material
Recoverable ICMS
Accounts Payable
(1)
198.00
(D)
(1) 902.00
(D)
(1)
1,100.00
For those consumption materials, cleaning and stationary purchases where no IPI is
charged, accounting procedures follows the same as said above, once just Incoming
legal books will change.
Incoming legal books postings will be as below:
CFOP Code
Accounting amount
ICMS tax base amount
ICMS amount at 18%
IPI excluded or other base
= $ 1,100.00
= $ 1,100.00
= $ 198.00
= $ 1,100.00
In purchases of consumption materials without ICMS but with IPI postings we exclude
ICMS posting, i.e., we post the total amount of Nota Fiscal in consumption material
account versus Accounts Payable.
Incoming legal books postings will be as below:
CFOP Code
Accounting amount
ICMS excluded or other base
IPI excluded or other base
= $ 1,100.00
= $ 1,100.00
= $ 1,100.00
Same rule is applied when purchasing without ICMS/IPI and accounting and fiscal
books are as above.
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Remarks:
If purchase is from another State (6.101/6.102) or from another country (7.101/7.102)
you just change the first digit of the CFOP, from 1(1.556) to 2(2.556) or 3(3.556) and
verify the ICMS rate and proceed with the same rule for posting.
If CFOP 5.102, 6.102 or 7.102 (Resale material) procedures are same as prior above,
taking into account taxes included on Nota Fiscal.
If the purchase of consumption material placed from other State, it has to be taken in
the differential rate. If a purchase is 12% tax rate interstate, internal rate should be
taken by the state where goods will be consumed and apply the differential.
Example:
If a Nota Fiscal with 12% is shipped to Sao Paulo, it must be calculated 6% as
difference, because the internal rate for this state is 18%.
Accounting for this value will be:
DB Consumption Material Expense
CR - ICMS to pay
3.0 Industrialization purchasing with ICMS tax base reduction
Definition:
This kind of operation happens when the vendor or product commercialized has any
benefit of ICMS tax base amount reduction given by State authorities. This reduction
should be in any percentage.
In these cases is necessary take in account taxes included in Nota Fiscal and the correct
appropriation of them.
Rafael Vanderlei
Pgina 41
Example of Nota Fiscal of raw material purchasing with ICMS/IPI taxes where ICMS tax
has its base amount reduced into 60%.. No PIS and COFINS as well CFOP 5101
Nota fiscal total amount
Raw material amount
ICMS tax base amount reduced
ICMS at 18%
IPI tax base amount
IPI amount at 10%
= $ 1,100.00
= $ 1,000.00
= $ 400.00
= $ 72.00
= $ 1,000.00
= $ 100.00
= $ 928.00
= $ 72.00
= $ 100.00
= $ 1,100.00
(1) 928.00
(D)
Recoverable ICMS
(1)72.00
(D)
Recoverable IPI
(1)
100.00
Rafael Vanderlei
Pgina 42
Accounts Payable
(1) 1,100.00
C
If purchase like this case, there is no IPI tax, accounting procedures follows the same,
excluding that IPI posting only.
In incoming legal books, these accounting entries behave as follows
CFOP Code= 1.101 - Raw materials in the State
Accounting amount
$ 1,000.00
ICMS tax base amount
$....400.00
ICMS Credit =
$
72.00
ICMS excluded or other base =
$ 600.00
IPI excluded or other base =
$ 1,000.00
For purchases of raw materials in which there is no ICMS but only IPI, the accounting
follows the same way, excluding only the ICMS entries.
In incoming legal book, these entries behave as follows:
CFOP Code= 1.101 Raw materials purchase inside State
Accounting amount
ICMS excluded or other base
IPI tax base amount
IPI amount
= $ 1,100.00
= $ 1,100.00
= $ 1,000.00
= $ 100.00
For purchases of raw materials where there is no ICMS / IPI, the accounting follows the
same way, excluding only IPI / ICMS entries.
In incoming legal book, these entries behave as follows:
Rafael Vanderlei
Pgina 43
= $ 1,000.00
= $ 1,000.00
= $ 1,000.00
The posting for this case becomes the simplest of all, where Nota Fiscal total amount is
posted in inventory against vendor account
Remarks:
If this purchase is placed to a vendor in another State (6101) or other Country (7101),
simply change the first number CFOP 1 (1101) to 2 (2101) or 3 (3101), check the tax
rate, and proceed with the same techniques of postings.
If CFOP is 5102, 6102 or 7102 (Resale products), the procedure becomes the same as
the previous example, observing only the taxes listed in the Nota Fiscal.
4.0 - Raw material purchasing with ICMS surcharge (ICMS Substituio Tributria)
Definition:
It is a normal purchase of goods where the use of it may be both for industrialization
(raw material) and for own use (consumption).
What is a tax surcharge?
It is another taxation rule defined by authority in order to control some tax payer in
certain region in which government has some difficult to assist if taxes are correctly
paid.
As a general rule, who absorbs any existing tax in a Nota Fiscal or product is the "end
user".
Therefore, some establishments, although registered as taxpayers in the State
Department of Finance, do not collect ICMS or even pay for estimation scheme,
booklet or monthly (not cumulative).
Rafael Vanderlei
Pgina 44
A classic example of this operation are the cafes, bars, restaurants and gas stations
that have tax collections ruled by surcharge and when selling some products such as
beer, soft drinks, fuel, etc., Nota Fiscal is issued to the consumer and this one is not a
regular Nota Fiscal but to sales to consumer serie "D". On this Nota Fiscal there is no
existence of taxes.
Thus, the government created a rule for ICMS surcharge by delegating the
responsibility to the sender to calculate, include in Nota Fiscal and finally pay to
government on behalf of customer.
There are also cases where the government collects tax for transactions between
states and by type of goods. This is the case of pharmaceutical products, pneumatic,
cement, beans, and so on.
For companies that purchase products for their manufacturing process (raw material)
with this characteristic, they are not allowed to the credit of the ICMS surcharge,
unless if the finished product manufactured is subjected to that ICMS surcharge when
it is sold.
Purchase Nota Fiscal of raw materials containing
ICMS surcharge.- No PIS and COFINS taxes CFOP 5.401
Nota fiscal total amount
ICMS/IPI tax base amount
ICMS surcharge
ICMS amount at 18%
IPI amount at 10%
ICMS
IPI
and
= $ 2,200.00
= $ 2,200.00
= $ 100.00
= $ 360.00
= $ 200.00
Rafael Vanderlei
Pgina 45
4.2- Accounting
DB - Raw materials inventory
DB Recoverable ICMS
DB Recoverable IPI
CR - Accounts Payable
$ 1,640.00
$ 360.00
$ 200.00
$ 2,200.00
4.3-Posting scheme
Material Inventories
(1) 1,640.00
(D)
Recoverable ICMS
(1)360.00
(D)
Recoverable IPI
(1)
200.00
(D)
Accounts Payable
(1) 2,200.00
C
For purchases of raw materials with Tax Surcharge in which there is no incidence of IPI,
accounting follows the same way, excluding only IPI entries.
In Incoming legal book entries, these entries are as follows:
CFOP Code= 1401 - Raw material purchase inside State
Accounting amount
ICMS tax base amount
ICMS Credit
IPI excluded or other base
= $ 2,000.00
= $ 2,000.00
= $ 360.00
= $ 2,000.00
For purchases of raw materials with Tax Surcharge in which no ICMS incidence but only
IPI, the accounting follows the same way, excluding only ICMS entries.
Rafael Vanderlei
Pgina 46
= $ 2,200.00
= $ 2,200.00
= $ 2,000.00
= $ 200.00
For purchases of raw materials with Tax Surcharge in which no incidence of ICMS / IPI,
the accounting follows the same way, excluding only the entries of IPI / ICMS.
In incoming legal book entries, these entries are as follows:
CFOP Code= 1401 - Raw material purchase inside State
Accounting amount
ICMS excluded or other base
IPI excluded or other base
= $ 1,000.00
= $ 1,000.00
= $ 1,000.00
Remarks:
If this purchase is placed to a vendor from another State (6401) or other Country
(7401), simply change the first digit CFOP 1 (1401) to 2 (2401) or 3 (3401), check the
tax rate, and proceed with the same techniques of postings.
.
If CFOP Code is 5.403, 6.403 or 7.403 (Resale / Tax Surcharge), procedure becomes the
same as the previous example, observing only the taxes listed in the Nota Fiscal
4.3 Purchases with ICMS Tax Surcharge (ST) -.with credit
In this case there are differences of entries in the legal books and accounting.
In addition to the Nota Fiscal data, entries in fiscal books should behave as follows:
Rafael Vanderlei
Pgina 47
CFOP Code: 1401 Raw material purchase inside State (Tax Surcharge)
Accounting amount
ICMS tax base amount
ICMS Credit
IPI tax base amount
IPI credit
ICMS surcharge base amount (ST)
ICMS Surcharge credit (ST)
= $ 2,200.00
= $ 2,000.00
= $ 360.00
= $ 2,200.00
= $ 200.00
= $...2.200,00
= $ 100.00
4.4 Accounting
DB - Raw materials inventory account
DB - Recoverable ICMS
DB Recoverable ICMS Surcharge
DB - Recoverable IPI
CR - Accounts Payable
$ 1,540.00
$ 360.00
$ 100.00
$ 200.00
$ 2,200.00
Recoverable ICMS
(1)
200.00
(D)
(1) 1,540.00
(D)
(1)360.00
(D)
Recoverable ICMS
Surchage
(1)
Accounts Payable
100.00
(D)
Recoverable IPI
(1)
2,200.00
C
If in a certain purchase there is no ICMS regular tax, there is no also ICMS surcharge,
once one depends on each other to be calculated.
Rafael Vanderlei
Pgina 48
For raw materials purchases entitled to Surcharge credit where there is no incidence of
IPI but ICMS only, the accounting follows the same way, excluding IPI entries only.
In addition to the Nota Fiscal data, entries in incoming legal books should behave as
follows:
CFOP Code= 1401 - Raw material purchase inside State (Surcharge)
Accounting amount
= $ 2,200.00
ICMS tax base amount
= $ 2,200.00
ICMS Credit
= $ 360.00
IPI excluded or other base
= $ 2,200.00
ICMS surcharge (ST) base amount
= $ .2,200.00
ICMS Surcharge (ST) credit
= $ 100.00
For raw materials purchases related to Surcharge Tax credit where there is no
incidence of ICMS / IPI, accounting follows the same way, excluding only IPI/ICMS
entries.
In incoming legal books, these entries behave as follows:
CFOP Code= 1.401 - Raw material purchase inside State (Surcharge)
Accounting amount
ICMS excluded or other base
IPI excluded or other base
= $ 2,200.00
= $ 2,200.00
= $ 2,200.00
Remarks
Accounting posting for this case becomes simple. It excludes entries of ICMS /ICMS
surcharge and IPI. As mentioned, in case no ICMS regular tax, nothing to do with ICMS
surcharge.
If this purchase is placed to a vendor from another State (6401) or other Country
(7401), simply change the first digit CFOP 1 (1401) to 2 (2401) or 3 (3.41), check tax
rate, and proceed with the same techniques of postings.
If CFOP code is 5.403, 6.403 or 7.403 (Resale), the procedure becomes the same as the
previous example, observing only the taxes listed in Nota Fiscal
Rafael Vanderlei
Pgina 49
= 2,200.00
= 2,200.00
= 100.00
= 2,200.00
= 360.00
= 2,000.00
= 200.00
= $ 2,200.00
= $ 2,200.00
= $ 396.00
= $ 2,200.00
4.8 Accounting
DB Stationary and cleaning material.
DB Recoverable ICMS
CR - Accounts Payable
$ 1,804.00
$ 396.00
$ 2,200.00
Recoverable ICMS
(1)396.00
(D)
Accounts Payable
(1) 2,200.00
C
Rafael Vanderlei
Pgina 50
Remarks:
If this purchase is placed to a vendor from another State (6401) or other Country
(7401), simply change the first digit CFOP 1 (1407) to 2 (2407) or 3 (3407), check the
tax rate, and proceed with the same techniques of postings.
If nature is 5403, 6403 or 7403 (Resale), the procedure becomes the same as the
previous example, observing only taxes in Nota Fiscal.
If the purchase of consumption material placed from other State, it has to be taken in
the differential rate. If a purchase is 12% tax rate interstate, internal rate should be
taken by the state where goods will be consumed and apply the differential.
Example:
If a Nota Fiscal with 12% is shipped to Sao Paulo, it must be calculated 6% as
difference, because the internal rate for this state is 18%.
Accounting for this value will be:
DB Consumption Material Expense
CR - ICMS to pay
5.0 Raw material purchase with 50% IPI credit
Definition:
This situation occurs when a taxpayer ICMS / IPI acquires raw materials from a supplier
considered Micro Company or non IPI taxpayer. This business model is not
sponsoring
the
IPI,
but
only
the
ICMS.
Thus, when the purchase of raw material for finished goods production takes place, if
that finish goods is obligated to pay IPI when selling, Brazil law allows IPI tax credit of
50% on vendor invoice amount considering the following criteria:
a-) what is the classification of this material in TIPI (IPI table).
b-) what rate is determined in this table for this material.
c-) Applying percentage of 50% on Nota Fiscal total amount.
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Pgina 51
Nota Fiscal purchase of raw materials containing only ICMS applying 50% on the total
of Nota Fiscal generating the IPI credit. No PIS and COFINS tax. CFOP 5102
- Nota Fiscal total amount
= 1,000.00
- ICMS tax base amount
= 1,000.00
- ICMS tax amount 18%
= 180.00
.
Applying 50% on Nota Fiscal total amount, assuming 10% IPI tax rate for credit.
$ 1,000.00 x 50% = $ 500.00 x 10% = $ 50.00
5.1 Fiscal Books
In addition to Nota Fiscal data, entries in Incoming legal book should behave as follows
CFOP Code= 1101 Raw material purchase inside State
Accounting amount
ICMS tax base amount
ICMS credit
IPI tax base amount
IPI credit
IPI excluded or other base
= $ 1,000.00
= $ 1,000.00
= $ 180.00
= $ 500.00
= $ 50.00
= $.....500.00
5.2 Accounting
DB - Raw materials inventory
DB Recoverable ICMS
DB Recoverable IPI
CR - Accounts Payable
$ 770.00
$ 180.00
$ 50.00
$ 1,000.00
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Pgina 52
Recoverable ICMS
(1)180.00
(D)
Recoverable IPI
(1) 50.00
(D)
Accounts Payable
(1) 1,000.00
C
Remarks:
If this purchase is sourced from other State (6101) or from another country (7101),
simply change the first digit CFOP 1 (1101) to 2 (2101) or 3 (3101), check the tax rate,
and proceed with the same techniques of postings.
If nature is 5102, 6102 or 7102 (Resale), the procedure becomes the same as the
previous example, observing only the taxes listed in the Nota Fiscal
6.0 Services purchasing
.
Definition:
The purchase of services is not regulated by the ICMS authority but then by Municipal
one.
The tax assigned to this operation is called ISS (tax on service). It is determined
according to the Organic Law of each municipality that exists in Brazil.
The ISS (Tax on service) is a non-cumulative tax, i.e., tax credit through incoming
purchase by debiting through outgoing as given to ICMS / IPI/PIS and COFINS taxes.
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Pgina 53
For those who buy services of any kind, will entry the full amount of that document to
an expense account or account of the production process versus accounts payable.
Remind that in many cases besides ISS tax, there is also that taxation about
withholding tax.
Nota Fiscal of services containing 5% tax and 1.5% withholding tax.
Service Nota Fiscal
ISS tax base amount
ISS tax amount 5%
WHT base amount
WHT amount 1.5%
= $ 1,000.00
= $ 1,000.00
= $ 50.00
= $ 1,000.00
= $ 15.00
6.1 - Accounting
DB Production order / expenses
CR Accounts Payable
CR Withholding tax to pay
$ 1,000.00
$ 985.00
$ 15.00
Accounts Payable
(1) 985.00
C
WHT to pay
(1) 15.00
(D)
For services purchase, there is no obligation to do entries in the incoming legal books,
since this operation is done at municipality area as mentioned before.
Currently in Brazil there two moments where it withheld and posted.
At invoice posting and;
At payment posting
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Pgina 54
= 500.00
= 25.00
= 7.50
7.1 Accounting
DB Production order / Expense
CR - Bank accounting / Cash
CR ISS WHT to pay
CR IRRF WHT ro pay
$ 500.00
$ 467.50
$ 25.00
$ 7.50
Bank acc/Cash
(1) 467,50
C
Remember that for this type of operation, only accounting posting is required. No
incoming legal book is required.
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Pgina 55
Rafael Vanderlei
Pgina 56
When return refers to a consumption material, the value of the IPI must be also
informed on the NF additional information. In this case, there is no IPI amount to
reverse in accounting and legal books side, once there was no IPI tax to recover during
post goods receipt.
It should also contain in the body of the returning Nota Fiscal, the number of original
incoming Nota Fiscal of that material.
Returning Nota Fiscal of raw material containing ICMS / IPI
- Nota Fiscal value
- ICMS tax base amount / IPI
- ICMS tax amount 18%
- IPI tax amount 10%
= 2,200.00
= 2,000.00
= 360.00
= 200.00
= $ 2,200.00
= $ 2,000.00
= $ 360.00
= $ 2,000.00
= $ 200.00
8,2 Accounting:
DB - Accounts Payable
CR Recoverable ICMS / payable
CR Recoverable IPI / payable
CR Inventories account
$ 2,200.00
$ 360.00
$ 200.00
$ 1,640.00
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Pgina 57
Recoverable/Payable ICMS
Recoverable/Payable IPI
(1) 360.00
(C)
(1) 200.00
(C)
Accounts Payable
1)
2,200.00
(D)
.
In case of returns, in which there were no entries of IPI, we use the same technique,
excluding only the IPI posting
If PIS and COFINS taxes were taken when posting invoice receipt, then they have also
to be reversed.
If a return refers to a resale purchase, the CFOP Code is 5.202.
If from that previous vendor NF PIS and COFINS were also recovered they have to
reverse.
Remarks:
If this return is for the purchase of raw materials from another State (2101) or other
Country (3101), simply change the first digit CFOP 1 (5201) to 2 (6201) or 3 (7201),
check ICMS rate, and proceed with the same techniques of postings.
If CFOP code is 1102, 2102 or 3102 (Purchase of materials for resale), the procedure
becomes the same as the previous example, observing only the taxes listed in the Nota
Fiscal
Rafael Vanderlei
Pgina 58
In return to a supplier of material for use and consumption, processes in the same
way, observing only the IPI posting, as it should appear Nota Fiscal additional data as
an observation, since at the time of entry the credit value was not taken
Purchase return of consumption material containing ICMS / IPI
Nota fiscal total amount
ICMS tax base amount
ICMS amount 18%
IPI Value to be informed on Nota Fiscal body
=$ 2,200.00
=$ 2,200.00
=$
396.00
=$ 200.00
= $ 2,200.00
= $ 2,200.00
= $ 396.00
= $ 2,200.00
8.5 - Accounting
CR Expense Account
CR - ICMS Recoverable/Payable
DB - Accounts Payable
$ 1,840.00
$ 360.00
$ 2,200.00
Recoverable/Payable ICMS
(1)360.00
(C)
Accounts Payable
(1)
2,200.00
(D)
Rafael Vanderlei
Pgina 59
Remarks:
If returns of consumption material is placed to a vendor from other State (2.101) or
other Country (3101), simply change the CFOPs according to the operation of returning
consumption material - 1 (5.556 to 2 (5.556) or 3 (7.556), check the tax rate, and
proceed with the same accounting posting rule.
If CFOP Code is 1.102, 2.102 or 3.102 (Resale products), the procedure becomes the
same as the previous example, observing only the taxes listed on the entry.
9.0- Stock transfer order (Between plants);
Concept:
Transfer of goods is always between two plants belonging to the same company code.
When we talk about this type of operation, we must always associate it with an Nota
Fiscal so that goods can be moved. If there is movement of goods, a Nota Fiscal is a
mandatory document due taxes rules.
The legislation requires that the value of this transaction is at least that last inventory
moving average price.
There are several different types of transfers: - Transfer for manufacturing,
consumption and for reselling.
In the case of stock transfer for industrialization, it can be subjected to the tax payment on
Nota Fiscal,
In some cases legislation excludes the tax payment.
=$ 16,500.00
= $15,000.00
=$ 2,700.00
=$ 1,500.00
Rafael Vanderlei
Pgina 60
= $ 16,500.00
= $ 15,000.00
= $ 2,700.00
= $ 15,000.00
= $ 1,500.00
9.2 Accounting
DB - Raw materials inventory
DB Recoverable ICMS
DB Recoverable IPI
CR Stock Transfer clearing account
.= $12,300.00
=$ 2,700.00
=$ 1,500.00
=$ 16,500.00
When the goods left sending plant, the following postings took place in accounting:
CR Inventories
CR ICMS payable
CR - IPI payable
DB Stock transfer clearing account
=$ 12,300.00
=$ 2,700.00
=$ 1,500.00
=$ 16,500.00
Note that stock transfer clearing account is cleared when goods receipt is posted in
that receiving plant.
We will now see the accounting entries as follows:
9.3 Posting scheme
Inventories
(1)
12,300.00
(D)
Recoverable ICMS
(2)
2,700.00
(D)
Recoverable IPI
(1)
1,500.00
(D)
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Pgina 61
If the transfer comes from other State, (6.151), just change CFOP of 1.151 to 2.151.
If the transfer is for resale, the CFOP Code of Nota Fiscal should be 5.152, 6.152 or
7.152 and CFOP Code for incoming should be 1.152, 2.152 or 3.152
If stock transfer order is a consumption material, the CFOP Code of Nota Fiscal should
be 5.156, 6.156 or 7.156 and 1.156 and incoming CFOP Code, 2.156 or 3.156.
For all these situations, should be observed whenever the question related to taxes.
10.0 Freight Nota Fiscal-Transportation (CTRC)
Definition:
CTRC is a document used only by carriers, which its purpose is to collect any
transportation service provided to a person or company.
This kind of service was not previously recognized by State authorities as the collection
of the ICM, as the name itself says, ICM was "Tax on goods movement.
On 1989, government changed this into ICMS, "Tax on goods movement & service".
This service at the end refers to a transportation service provided by any forwarding
agent and ICMS tax is collected by the State where the service is performed
Because of the difficulty of controlling these carriers, the state of Sao Paulo authorities
charged the responsibility of payment of ICMS to the service buyer now named "ICMS
tax surcharge (ST)"
Therefore, the responsibility for the collection of this tax will always be by the service
buyer, i.e., that one who purchases the service.
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Pgina 62
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Pgina 63
Example:
Purchase of transport service without ICMS Tax Surcharge with the CFOP code 5.352.
CTRC amount
ICMS tax base amount
ICMS tax amount 12%
.=$ 1000.00
.=$ 1,000.00
.=$ 120.00
= $ 1,000.00
= $ 1,000.00
= $ 120.00
= $ 1,000.00
10.2 - Accounting
DB Expenses/Raw Materials / Finished
DB Recoverable ICMS
CR - Accounts Payable
.=$ 880.00
=$ 120.00
=$ 1,000.00
Inventories
(1)
880.00
(D)
Recoverable ICMS
(2)
120.00
(D)
Accounts Payable
(1)
1,000.00
C
Rafael Vanderlei
Pgina 64
Regarding the services purchase with Tax Surcharge, the process is as follows:
Services purchases with Tax Surcharge CFOP Code 5.352.
CTRC value
=$ 1,000.00
In the body of the CTRC must be shown a text saying that the ICMS will be collected as
Tax Surcharge as per art. xx xx decree and so on.
To do so, you should simply multiply the value of transportation services by the due
ICMS tax rate. In this case 12% rate.
$ 1,000.00 x 12% = $ 120.00
10.4 Fiscal Books
Besides of the CTRC data, incoming legal book entries should behave as follows:
CFOP Code: = 1352 Accounting amount
ICMS tax base amount
ICMS debit
IPI excluded or other base
10.5 - Accounting
DB Inventory Raw Materials / Finished accounts
DB Recoverable ICMS
CR Accounts Payable
$ 1,000.00
$ 120.00
$ 1,000.00
Recoverable ICMS
(2)
120.00
(D)
Accounts Payable
(1)
1,120.00
C
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Pgina 65
=$ 3100.00
=$ 1000.00
=$ 180.00
= 100.00
Rafael Vanderlei
Pgina 66
= $ 1,100.00
= $ 1,000.00
= $ 100.00
= $ 1,000.00
= $ 180.00
= $ 1,000.00
= $ 1,000.00
=$
7.15
= $ 1,000.00
= $ 33.00
= $ 2,000.00
= $ 2,000.00
= $ 2,000.00
In the body of the Nota Fiscal must be mentioned that packaging is only for goods
transportation and shall return later.
11.2 Accounting
DB Customer
CR - Sales revenue
DB ICMS tax sales deduction
CR ICMS tax Payable
CR IPI tax payable
DB - PIS tax sales deduction
CR - PIS tax payable
DB COFINS tax sales deduction
CR - COFINS tax payable
DB COGs (Expense)-value example.
CR Inventories
DB Packaging in third part inventory
CR Packaging Inventories. (Pallets, cardboard, etc)
$
$
$
$
$
$
$
$
$
$
$
$
$
1,100.00
1,000.00
180.00
180.00
100.00
6.50
6.50
30.00
30.00
450.00
450.00
2,000.00
2,000.00
Rafael Vanderlei
Pgina 67
Sales Revenue
(1)
1,100.00
(D)
(1)
1,000.00
(C)
(1)
180.00
(C)
(1)
100.00
(C)
(1)
6.50
(D)
(1)
6.50
(C)
(1)
180.00
(D)
COGs
(2)
450.00
(D)
Inventories
(2)
450.00
(c)
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Pgina 68
Packaging Inventories
(3)
2,000.00
(D)
(3)
2,000.00
(D)
= $ 2,000.00
= $ 2,000.00
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Pgina 69
Packaging Inventories
(4)
2,200.00
(D)
Packaging in 3rd
parties inventory
(4)
2,200.00
(C)
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Pgina 70
On the effective date for shipping the goods (day, month or year), the value for UFESP
(previous calculation result) will be multiplied by UFESP of the day of issuance of Nota
Fiscal. This calculation is applicable only to find the calculation basis and value for
ICMS.
COGS and inventory postings are also take into consideration.
Example:
First Nota Fiscal CFOP 5116 - Sales for future delivery (single billing),
Nota fiscal total amount of $ 2,000.00 without ICMS / IPI.
UFESP value given for the day of issuance of the simple billing =
1.17
= $ 2,200.00
= $ 2,000.00
= $ 2,068.38
= $ 372.31
= $ 2,000.00
= $ 200.00
Rafael Vanderlei
Pgina 71
On Nota Fiscal body must be informed for each simple Nota fiscal this process refers
In case UFESP exchange rate does not change when posting that second Nota Fiscal,
amount must remain the same.
12.1 Purchases for future deliverance:
We will use the previous example to observe the tax and accounting entries.
First Nota Fiscal CFOP code 5116 - Sales for future delivery No PIS and COFINS
taxes(single billing),
Nota Fiscal total amout of $ 2,000.00 without ICMS / IPI.
CFOP Code= 1.116 Raw material purchase for future delivery
Nota Fiscal value
= $ 2,000.00
= $ 2,000.00
= $ 2,000.00
= $ 2,000.00
12.3 Accounting
DB Future delivery clearing account
CR Accounts Payable
= $ 2,000.00
= $ 2,000.00
Account payable
(1)
2,000.00
(C)
Rafael Vanderlei
Pgina 72
= $ 2,200.00
= $ 2,000.00
= $ 2,068.38
= $ 372.31
= $ 2,000.00
= $ 200.00
= $ 2,200.00
= $ 2,068.38
= $ 372.31
= $ 2,000.00
= $ 200.00
12.7 Accounting:
DB Inventories
DB Recoverable ICMS
DB - Recoverable IPI
CR Future delivery clearing account
CR Accounts payable
= $ 1,627.69
= $ 372.31
= $ 200.00
= $ 2,000.00
= $ 200.00
Inventories
(1)
1,627.29
(D)
Recoverable ICMS
(1)
372,31
(D)
Recoverable IPI
(1)
200.00
(D)
Rafael Vanderlei
Pgina 73
Accounts Payable
(1)
200.00
(C)
Future Delivery
Clearing Account
*(1)
(1)
2,000.00 *2,000.00
(D)
(C)
Rafael Vanderlei
Pgina 74
So the vendor sends raw material CFOP equal to 5.901, 6.901 or 7.901 to another
company which in turn will charge only the raw material more labor applied to this
industrialization. On the amount of that raw material will be charged ICMS, while IPI is
applied only when this applied material is produced by the vendor itself.
For that applied labor ICMS and IPI are not applied.
When that symbolic raw material returns , it may be contained in a single Nota Fiscal
along with that buyer raw material sent before and other materials applied by the
vendor, but it should be noted two CFOPs 5.902, 6.902 or 7.902 and with 5.124, 6.124
or 7.124.
In the remittance of this material, to the same state, ICMS/IPI is suspended / deferred,
whereas when remittance is to another state, IPI is mandatory.
When the shipment without taxes, it is mandatory that in body Nota Fiscal a legal text
law should be mentioned as ruled by law.
When you remit goods and charge any tax you are entitled to recover these taxes at
the returning
If in the remittance there were no taxes, they should be calculated and paid if the
mentioned materials did not return within 180 days.
13.1 Remittance for Industrialization
Remittance for industrialization without ICMS / IPI
CFOP code 5.901
Nota Fiscal total amount $ 5,000.00.
13.2 Fiscal Books (Outgoing)
In addition to the Nota Fiscal data in outgoing legal books, entries should behave as
follows:
CFOP Code5.901 - Remittance for industrialization
Accounting amount
ICMS excluded or other base
IPI excluded or other base
= $ 5,000.00
= $ 5,000.00
= $ 5,000.00
Rafael Vanderlei
Pgina 75
13.3 Accounting
DB - Material on third parties inventory
CR - Raw materials inventory
$ 5,000.00
$ 5,000.00
Inventory
(1)
5,000.00
(C)
= $ 6,600.00
= $ 1,000.00
= $ 500.00
= $ 1,000.00
= $ 180.00
= $ 1,000.00
= $ 100.00
Rafael Vanderlei
Pgina 76
= $ 1,600.00
= $ 1,000.00
= $ 180.00
= $ 500.00
= $ 1,000.00
= $ 100.00
= $ 5,000.00
= $ 5,000.00
= $ 5,000.00
In addition to the legal texts, the number of remittance Nota Fiscal as reference is
mandatory.
13.7 - Accounting
DB - Inventory of raw materials
CR - Material held by third parties
DB Production order clearing account
CR - Inventory of raw materials
DB - Production order clearing account
DB - Recoverable IP
DB Recoverable ICMS
CR Accounts Payable
$ 5,000.00
$ 5,000.00
$ 5000.00
$ 5,000.00
$ 1320.00
$ 100.00
$ 180.00
$ 1,600.00
After these entries, it is necessary to report this production order into inventory of
finished product as follows:
DB Finished goods inventory
CR - Production order clearing account
$ 6,320.00
$ 6320.00
Rafael Vanderlei
Pgina 77
(2)
5,500.00
(C)
Recovarable ICMS
(4)
180.00
(D)
(*)(1)
5,500.00
(C)
(3)
5,500.00
(D)
(3)
5,500.00
(C)
(4)
1,320.00
(D)
Recoverable IPI
(4)
100.00
(D)
Production oOrder
clearing account
Accounts Payable
()
1,600.00
(C)
Finished Goods
Inventory
(5)
6,320.00
(D)
= $ 1,100.00
= $ 1,000.00
= $ 180.00
= $ 1,000.00
= $ 100.00
In Nota Fiscal body, must state that the products are under consignment process.
Rafael Vanderlei
Pgina 79
= $ 1,100.00
= $ 1,000.00
= $ 180.00
= $ 1,000.00
= $ 100.00
14.3 Accounting
DB Inventory material on consignment
CR Temporary material account on consignment
DB - ICMS tax to recover
CR ICMS tax clearing account
DB IPI to recover
CR IPI tax clearing account
$ 1,100.00
$ 1,100.00
$ 180.00
$ 180.00
$ 100.00
$ 100.00
Temporary Mat on
Consignment
(1)
1,100.00
(D)
(1)
1,100.00
(C)
Recoverable IPI
(1)
100.00
(D)
Recoverabe ICMS
(1)
180.00
(D)
IPI tax clearing
account
(1)
100.00
(C)
Rafael Vanderlei
Pgina 80
Let's imagine that the sent quantities were sold / industrialized effectively. The buyer
should at that time authorize the supplier the issuance of symbolic sales Nota Fiscal for
goods on consignment.
In this Nota Fiscal there will be no taxes, as they were collected on prior Nota Fiscal at
the time of remittance. It is mandatory a text stating the number of Nota Fiscal of
consignment remittance.
14.5 Sale of Consignment Material
Sales Nota Fiscal (symbolic) of material on consignment without taxes and with CFOP
5.111.
Nota Fiscal value
= $ 1,100.00
In the body of this Nota Fiscal must be informed that this refers to the consignment
process in accordance to the consignment Nota Fiscal number previously issued
= $ 1,100.00
= $ 1,100.00
= $ 1,100.00
14.7 Accounting
DB -Resale Inventory
DB ICMS tax clearing account
DB - IPI tax clearing account
CR Accounts Payable
DB Consignment clearing account
CR Inventory material on consignment
.=$ 820.00
=$ 180.00
=$ 100.00
.=$ 1,100.00
=$ 1,100.00
=$ 1,100.00
Rafael Vanderlei
Pgina 81
(3)
1,100.00
(C)
Temporary Mast on
Consignment
(3)
1,100.00
(D)
IPI on Consignment
(2)
100.00
(D)
(*)(1)
100.00
(*)(1)
1,100.00
(C)
Resale Inventory
ICMS on
Consignment
(2)
180.00
(D)
(*)(1)
180.00
(C)
Accounts Payable
(1)
820.00
(2)
1,100.00
(D)
(C)
(C)
Rafael Vanderlei
Pgina 82
NF
C
shipping
3rd.NF
Rafael Vanderlei
Pgina 83
= $ 1,100.00
= $ 1,000.00
= $ 180.00
= $ 1,000.00
= $ 100.00
$ 1,100 .00
$ 180.00
$ 180.00
$ 100.00
$ 100.00
$ 1,100.00
Rafael Vanderlei
Pgina 84
REcoverable ICMS
ICMS at Purchase
order
(1)
(1)
180.00
(D)
180.00
(C)
IPI at Purch.order
Accounts Payable
(1)
100.00
(C)
(1)
1,100.00
(C)
Upon receipt of the physical commodity, the entries will occur as follows:
Invoice of simple remittance (on behalf of third parties) in the amount of $ 1,100.00
15.6 Fiscal Books
In this note should be posted only the data of Nota Fiscal and field observations and
print the expression this Nota Fiscal is for consignment/industrialization on behalf of
third parties. At that Nota Fiscal should include the number of Nota Fiscal and data of
"B" issued to "C".
15.7 Accounting
DB - Raw material inventories
DB ICMS at purchase order
DB - IPI at purchase order
CR Temporary purchase at order
$ 820.00
$ 180.00
$ 100.00
$ 1,100.00
Rafael Vanderlei
Pgina 85
Inventories
(2)
820.00
(D)
(*)(1)
1,100.00
(D)
ICMS at order
(2)
180.00
(D)
(2)
1,100.00
(D)
IPI at order
(*)(1)
180.00
(C)
(2)
100.00
(D)
(*)(1)
100.00
(C)
NF
Sales
(3rdNF)
remittance
(1stNF) C
Rafael Vanderlei
Pgina 86
= $ 1,100.00
= $ 1,000.00
= $ 180.00
= $ 1,000.00
= $ 100.00
= $ 1,100.00
= $ 1,000.00
= $ 180.00
= $ 1,000.00
= $ 100.00
15.12 - Accounting
DB Temporary on behalf and order
DB Recoverable ICMS
CR ICMS on behalf and order
DB Recoverable IPI
CR - IPI on behalf and order
CR Accounts Payable
$ 1,100.00
$ 180.00
$ 180.00
$ 100.00
$ 100.00
$ 1,100.00
Rafael Vanderlei
Pgina 87
Temporary Acc
behalf/order
(1)
1,100.00
(D)
ICMS on behal/order
Recoverable ICMS
Recoverable IPI
(1)
180.00
(C)
(1)
100.00
(D)
IPI on behalf/order
Accounts Payable
(1)
180.00
(C)
(1)
100.00
(C)
(1)
1,100.00
(C)
After these postings, due to the existence of a previously issued purchase Nota Fiscal,
it is necessary to make the entries of goods in stock with the following accounting:
Temporary Acc
behalf/order
(*)(1)
1,100.00
(D)
(2)
1,100.00
(C)
Rafael Vanderlei
Pgina 88
ICMS on behal/order
IPI on behalf/order
(2)
180.00
(D)
(2)
100.00
(D)
(1)
180.00
(C)
(1)
100.00
(C)
So "A" shall issue a Nota Fiscal of sale by the order (symbolic) with all taxes to "B" and
a Nota Fiscal of remittance on behalf and with all the prerequisites outlined above.
Then "B" shall issue a Nota Fiscal of remittance for industrialization to "C"
(Subcontractors), then closing the transaction among the three companies.
Exemplo:
(1stNF)
- NF vda cta ordem
A
(3rdNF)
C
NF remittance (2ndNF)
Rafael Vanderlei
Pgina 89
= $ 1,100.00
= $ 1,000.00
= $ 180.00
= $ 1,000.00
= $ 100.00
$ 820.00
$ 180.00
$ 100.00
$ 1,100.00
Recoverable ICMS
(1)
180.00
(D)
Rafael Vanderlei
Pgina 90
Recoverable IPI
(1)
100.00
(D)
Accounts Payable
(1)
1,100.00
(C)
After this entry, A" shall issue a remittance Nota Fiscal for industrialization to "C"
according topic 13.0.
16.00 - Complementary Nota Fiscal
The Supplementary Nota Fiscal always occurs when the value of a goods was charged
less than the previously traded price, or when the values of lower taxes were charged.
Both situations should be included in the body of the Nota Fiscal, data concerning the
first Nota Fiscal in which it was issued with errors.
If pricing supplement, should be observed if in the first Nota Fiscal taxes ICMS / IPI
were calculated normally, because they should be recalculated again.
When processing the incoming of this document , if the Nota Fiscal was previously
issued crediting of ICMS / IPI, the amount of taxes should be deducted from the total
complement, and the difference will be posted in the in the inventory account versus
recoverable ICMS / IPI
If supplementary Nota Fiscal is a purchase related to material for use and
consumption, applies the same criteria but excludes the IPI for the purpose of credit.
If the supplementary Nota Fiscal is only of ICMS, it is not generating a posting in
accounts payable, because ICMS is added tax to the product and the same was
included in the value of the goods previously
When processing incoming of this document, if the Nota Fiscal previously issued was
of credit of ICMS, the value of the complement should be deducted from the inventory
account / expenditure against ICMS to recover.
Rafael Vanderlei
Pgina 91
= $ 550.00
= $ 500.00
= $ 90.00
= $ 500.00
= $ 50.00
= $ 550.00
= $ 500.00
= $ 90.00
= $ 500.00
= $ 50.00
Rafael Vanderlei
Pgina 92
16.3 - Accounting
DB- Inventory of raw material
DB Recoverable ICMS
DB Recoverable IPI
CR Accounts Payable
$ 410.00
$ 90.00
$ 50.00
$ 550.00
Recoverable IPI
Recoverable ICMS
(1)
90.00
(D)
Accounts Payable
(1)
50.00
(D)
(1)
550.00
(C)
= $ 30.00
= $ 30.00
Rafael Vanderlei
Pgina 93
16.7 - Accounting
DB Recoverable ICMS
$ 30.00
$ 30.00
Inventory of Raw
Material
(1)
30.00
(D)
(1)
30.00
(C)
Note that in this case there was no accounting entry in the account of suppliers,
because when it comes as supplementary ICMS, it is included in the value of the goods
in prior Nota Fiscal.
16.9 Supplementary IPI
IPI supplementary Nota Fiscal in the amount of $ 50.00 with CFOP 5.101, regarding to
Nota Fiscal issued before
CFOP Code= 1.101 Supplementary of IPI
Incoming legal books
Accounting amount
IPI credit
= $ 50.00
= $ 50.00
16:10 Accounting
DB - Recoverable IPI
CR Accounts Payable
$ 50.00
$ 50.00
Rafael Vanderlei
Pgina 94
Accounts Payable
(1)
50.00
(D)
(1)
50.00
(C)
Rafael Vanderlei
Pgina 95
International invoice normally comes firstly than the goods and it is posted in accounts
payable to that the foreigner vendor.
Accounts payable posting must be exactly that amount related to international invoice
in which is the same purchase document amount
Invoice amount value
=$ 2,000.00
=$ 2,000.00
CD Accounts payable
=$ 2,000.00
Importation process
clearing account s
(1)
2,000.00
(D)
Accounts Payable
(1)
2,000.00
(D)
(*) After broker pays taxes on behalf of buyer for incoming NF posting, a down
payment must be done to that broker so that importation control and tax to recover
can be done.
Lets suppose that amount for all taxes (ICMS, IPI, PIS and COFINS) paid was about $
852,87 where:
ICMS
=$
IPI amount = $
PIS amount = $
COFINS amount=$
505.43
255.27
15.59
76.58
Rafael Vanderlei
Pgina 96
$ 852,87
$ 852,87
Bank
(2)
852,87
(D)
= $ 2.807.92
= $ 2.807.92
= $ 505.43
= $ 2.552.65
= $ 255.27
= $ 2.552.65
PIS amount
.=.$
= $ 2.552.65
COFINS amount
.=.$
15.59
76.58
Rafael Vanderlei
Pgina 97
17.5-Fiscal books
CFOP Code= 3101 - Supplementary Price
Accounting amount
ICMS tax base amount
ICMS Credit
IPI tax base amount
IPI credit
= $ 2.807.92
= $ 2.807.92
= $ 505.43
= $ 2.552.65
= $ 255.27
After NF posted, goods are moved from custom to buyer inventory and goods receipt
is posted as given:
17.6 Accounting
DB Inventory
CR Importation process clearing account
DB ICMS to recover
DB-IPI to recover
DB-PIS to recover
DB-COFINS to recover
CR- Vendor(Broker)
CR- Broker vendor down payment
CR- Vendor(Broker)
=$ 2,000.00
=$ 2.000,00
=$ 505.43
=$ 255.27
=$ 15.59
=$ . 76.58
=$ 852,87
=$ ...852,87
=$ 852,87
17.7-Posting scheme
Importation process
clearing account
(3)
2,000.00
(C)
ICMS to recover
(3)
505.43
(D)
Inventory
(3)
2,000.00
(D)
IPI to recover
(3)
255.27
(D)
Rafael Vanderlei
Pgina 98
PIS to recover
(3)
15.59
(D)
(3)
76.58
(D)
Vendor Broker
(3)
852.87
(D)
COFINS to recover
(3)
852,87
(C)
(3)
852,87
(C)
Rafael Vanderlei
Pgina 99
This process should be officially done once a year and it must be accompanied by
external auditing company, where the irregularities found should be available to the
fiscal authorities for further analysis through reports developed by the auditors.
The irregularities become important because they cause significant effects in profit
and loss, where these differences could affect corporate income tax payment or
increase the values of expenses relating to costs, which would also be changing the
basis for calculating the tax
The technique works as follows:
If the physical count sheets of a material is greater than that recorded in the
inventories book register, means you have more materials in stock than registered, so
you need to readjust to balance in both side either physically and fiscally.
In this situation, you have to make an entry in the amount of difference in its fiscal
inventory, which means making a journal entry where you will be involving the
inventory account versus an account, that in this case is one o profit and loss and will
be a revenue account that will be offering a credit to the corporate income tax.
If the form of physical count of a particular material is lower than that recorded in the
book inventory record, means you have less material in stock that is registered, so you
need to readjust the balance so that it is both physically and equal fiscally.
In this situation, you have to make an adjustment in physical inventory , which means
making a journal entry where you will be involving the inventory account versus your
profit and loss and it will be an expense account, which is changing company
corporate income tax.
The journal entry of expenses and revenue will be represented by an account called
inventory adjustment, where the balance of this account is that will determine
whether to offer the taxation of corporate income tax or increasing the costs changing
the calculating basis and collection of the corporate income tax
18.1 - Adjustment Inventory Incoming
Let's imagine a situation where after the physical count of a given material there is a
difference of 20 pieces higher than in inventory as compared to inventory book
register. Difference value represents $ 10,000.00.
Rafael Vanderlei
Pgina 100
$ 10,000.00
$ 10,000.00
Inventories
(1)
10,000.00
(D)
(1)
10,000.00
(C)
$ 5,000.00
$ 5,000.00
Rafael Vanderlei
Pgina 101
Inventories
(1)
5,000.00
*10,000.00
(D)
5,000,00
(1)
*10,000.00
(C)
Rafael Vanderlei
Pgina 102
Rafael Vanderlei
Pgina 103
= $ 10,500.00
= $ 10,000.00
= $ 500.00
= $ 10,000.00
= $ 1,800.00
= $ 10,000.00
=$
65.00
= $ 300.00
Note that in 99.9% of cases, when the goods are for industrialization or
commercialization, the calculation basis of ICMS / IPI will always be the value of the
merchandise.
In this situation, if the issuer or seller of the goods is a taxpayer for both taxes, we
must remember that the debts should be recorded in outgoing legal books because
the credits in the Incoming legal book.
Rafael Vanderlei
Pgina 104
= $ 10,500.00
= $ 10,000.00
= $ 1,800.00
= $ 10,000.00
= $ 500.00
1.2 - Accounting
DB Customer
CR Sales revenue
DB - ICMS tax sales deduction
CR ICMS payable
CR - IPI payable
DB PIS tax sales deduction
CR - PIS payable
DB COFINS tax sales deduction
CR COFINS payable
DB COGs example only
CR - Inventories
$ 10,500.00
$ 10,000.00
$ 1,800.00
$ 1,800.00
$ 500.00
$
68.25
$
68.25
$ 315.00
$ 315.00
$ 3,000.00
$ 3,000.00
Customer
(1)
10,500.00
(D)
Sales Revenue
(1)
10,000.00
(C)
(1)
1,800.00
(D)
Rafael Vanderlei
Pgina 105
ICMS Payable
IPI Payable
(1)
1,800.00
(C)
(1)
500.00
(C)
PIS Payable
(1)
68.25
(D)
(1)
68.25
(C)
COFINS Payable
(1)
315.00
(C)
Cost of Sales
(2)
3,000.00
(D)
Inventories
(2)
3,000.00
(c)
Remarks:
If a sale to industrialization without ICM / IPI, excludes only the entries relating to such
taxes
In outgoing fiscal books, entries, would be as follows:
In addition to Nota Fiscal data in outgoing legal books , entries should behave as
follows:
Rafael Vanderlei
Pgina 106
= $ 10,500.00
= $ 10,500.00
= $ 10,500.00
If sales are destined for other states, the CFOP Code will be 6.101 and 7.101 will be to
other countries.
It should be noted also taxation, as foreign sales (7.101) is given benefits by
Government of non-payment of taxes (ICMS, IPI, PIS and PIS).
In case of resale, should be observed that the CFOP's rather than 5.101, 6.101 or 7.101,
will use 5.102, 6.102 or 7.102 beyond the forms of taxation.
2:00 Sales for consumption
Concept:
Sales for consumption occur when the buyer of a particular commodity will be using it
for their own consumption.
Note that in this case, the IPI tax base amount remains the same as sale for
industrialization, but the ICMS basis becomes different, i.e., value of goods plus the
portion of IPI.
Nota Fiscal of sale for consumption CFOP 5.101 taxed by ICMS / IPI
Nota fiscal total amount 11,000.00.
Nota Fiscal value
Value of goods
IPI 10% tax rates
IPI tax base amount
ICMS 18% tax rates
ICMS tax base amount
PIS 0.65% tax rates
COFINS 3% tax rates
= $ 11,000.00
= $ 10,000.00
= $ 1,000.00
= $ 10,000.00
= $ 1,980.00
= $ 11,000.00
=$
71.50
= $ . 330.00
Rafael Vanderlei
Pgina 107
=
=
=
=
=
$ 11,000.00
$ 11,000.00
$ 1,980.00
$ 10,000.00
$ 1,000.00
2.2 - Accounting
DB Customer
CR - Sales revenues
DB ICMS tax sales deduction
CR ICMS payable
CR - IPI payable
DB PIS tax sales deduction
CR - PIS payable
DB - COFINS tax sales deduction
CR COFINS payable
DB COGs - example.
CR Inventories
$ 11,000.00
$ 10,000.00
$ 1,980.00
$ 1,980.00
$ 1,000.00
$ 71.50
$ 71.50
$ 330.00
$ 330.00
$ 3,000.00
$ 3,000.00
Customer
(1)
11,000.00
(D)
Sales Revenue
(1)
10,000.00
(C)
(1)
1,980.00
(D)
Rafael Vanderlei
Pgina 108
ICMS Payable
IPI Payable
(1)
1,980.00
(C)
(1)
1,000.00
(C)
PIS Paybale
(1)
71.50
(D)
(1)
71.50
(C)
COFINS Payable
(1)
300.00
(C)
Cost of Sales
(2)
3,000.00
(D)
Inventories
(2)
3,000.00
(c)
If sales are destined for other states, CFOP Code will be 6.101 and 7.101 will be to
other countries.
Please note also taxation, as foreign sales (7101) has benefits given by Government of
non-payment of taxes (ICMS, IPI, PIS and PIS).
In case of resale, should be observed that the CFOP's rather than 5.101, 6.101 or 7.101,
will use 5.102, 6.102 or .102 beyond the forms of taxation.
Rafael Vanderlei
Pgina 109
=$ 1,100.00
= $1,000.00
= $ 400.00
= $ 72.00
=$ 1,000.00
=$ 100.00
= $ 400.00
=$
= $ 400.00
=$ 30.00
6.50
Rafael Vanderlei
Pgina 110
= $ 1,100.00
= $ 400.00
= $ 72.00
= $ 600.00
= $ 1,000.00
= $ 100.00
4.2 - Accounting
DB Customer
CR Sales revenues
DB ICMS tax sales deductions
72.00
CR ICMS payable
DB - IPI tax sales deductions
CR - IPI payable
DB - PIS sales expenses
CR - PIS to collect
DB - COFINS sales expenses
CR COFINS payable
DB Cost of sales - example
CR Inventory
$ 1,100.00
$ 1,100.00
$
$
$
$
$
$
$
$
$
$
72.00
100.00
100.00
6.50
6.50
30.00
30.00
100.00
100.00
Sales Revenue
(1)
1,100.00
(C)
ICMS Sales
Deduction
(1)
72.00
(D)
Rafael Vanderlei
Pgina 111
ICMS Payable
(1)
72.00
(C)
(1)
100.00
(C)
PIS Payable
(1)
6.50
(D)
(1)
6.50
(C)
COFINS Payable
(1)
30.00
(C)
IPI Payable
Cost of Sales
(2)
100.00
(D)
COFINS sales
deduction
(1)
30.00
(D)
Inventories
(2)
100.00
(c)
If sales were destined for other states, the CFOP Code will be 6.101 and 7.101 will be
to other countries.
Please note also the form of taxation, if it is foreign sales 7.101) benefit is given by
Government generates non-payment of taxes (ICMS, IPI, PIS and PIS).
In case of resale, should be observed that the CFOP's rather than 5.101, 6.101 or 7.101,
will use 5.102, 6.102 or 7.102 beyond the forms of taxation.
Rafael Vanderlei
Pgina 112
If the receiver or seller, carrier shall issue CTRC charging the value of service transport.
The receiver or seller should proceed in accordance with topic 10.0 incoming
procedures.
6.1- Sales with Freight Included in Nota Fiscal
Nota Fiscal of sale for industrialization with freight included and CFOP 5.101 taxed by
ICMS/ IPI totaling $ 10,700.00.
Nota Fiscal value
Value of goods
Freight value
IPI tax rate 5%
IPI tax base amount
ICMS 18% tax rated
ICMS tax base amount
PIS tax base amount
= $ 10,710.00
.= $ 10,000.00
=$
200.00
=$
510.00
= $ 10,200.00
= $ 1,836.00
= $ 10,200.00
= $ 10,000.00
=$
= $ 10,000.00
=$
65.00
300.00
Rafael Vanderlei
Pgina 113
= $ 10,710.00
= $ 10,200.00
= $ 1,836.00
= $ 10,200.00
=$
510.00
6.3 - Accounting
DB Customer
CR - Sales revenues
DB - ICMS tax sales deductions
1,836.00
CR ICMS payable
DB - IPI tax sales deductions
CR - IPI payable
DB - PIS sales expenses
CR - PIS payable
DB - COFINS sales expenses
CR - COFINS payable
DB Cost of sales - Value only for example.
CR Inventories
$ 10,710.00
$ 10,710.00
$
$ 1,836.00
$ 510.00
$ 510.00
$ 65.00
$ 65.00
$ 300.00
$ 300.00
$ 3,000.00
$ 3,000.00
Sales Revenue
(1)
10,710.00
(C)
ICMS Sales
Deduction
(1)
1,836.00
(D)
Rafael Vanderlei
Pgina 114
ICMS Payable
(1)
1,836.00
(C)
(1)
510.00
(C)
PIS Payble
(1)
65.00
(D)
(1)
65.00
(C)
COFINS Payable
(1)
300.00
(C)
IPI Payable
Cost of Sales
(2)
3,000.00
(D)
COFINS sales
deduction
(1)
300.00
(D)
Inventories
(2)
3,000.00
(c)
Rafael Vanderlei
Pgina 115
= $ 10,000.00
= $ 500.00
= $ 150.00
=$
65.00
=$
300.00
= $ 10,000.00
= $ 10,000.00
=$
500.00
Rafael Vanderlei
Pgina 116
7.3 - Accounting
DB Customer
CR - Sales Service Revenue
DB - ISS expenses on sales
CR - ISS payable
DB Recoverable IRRF
CR Customer
DB - PIS expenses on sale
CR - PIS payable
DB COFINS tax sales deduction
CR COFINS payable
DB - Cost of service
CR Payroll appropriation
$ 10,000.00
$ 10,000.00
$ 500.00
$ 500.00
$ 150.00
$ 150.00
$
65.00
$
65.00
$ 300.00
$ 300.00
$ 1,500.00
$ 1,500.00
Sales Revenue
(1)
(1)
10,000.00 150.00
(D)
(C)
ISS Payable
(1)
500.00
(C)
(1)
10,000.00
(C)
ISS Sales
Deduction
(1)
500.00
(D)
IRRF Recoverable
(1)
150.00
(D)
Rafael Vanderlei
Pgina 117
PIS Payable
(1)
65.00
(D)
(1)
65.00
(C)
COFINS Payable
(1)
300.00
(C)
Cost of Services
(2)
1,500.00
(D)
COFINS sales
deduction
(1)
300.00
(D)
Payroll
appropriation
(2)
1,500.00
(c)
Rafael Vanderlei
Pgina 118
= $ 550.00
= $ 500.00
= $ 90.00
= $ 500.00
= $ 50.00
= $ 550.00
= $ 500.00
= $ 90.00
= $ 500.00
= $ 50.00
Rafael Vanderlei
Pgina 119
8.3 - Accounting
DB - Customers
CR Sales revenues
DB ICMS tax sales deductions
90.00
CR ICMS payable
DB IPI tax sales deductions
CR - IPI payable
DB - PIS sales expenses
CR - PIS payable
DB - COFINS sales expenses
CR - COFINS payable
$ 550.00
$ 550.00
$
$
$
$
$
$
$
$
90.00
50.00
50.00
3.25
3.25
15.00
15.00
Customer
Sales Revenue
(1)
550.00
(D)
(1)
550.00
(C)
ICMS Payable
(1)
90.00
(C)
ICMS Sales
Deduction
(1)
90.00
(D)
IPI Payable
(1)
50.00
(C)
Rafael Vanderlei
Pgina 120
PIS Payable
(1)
3.25
(D)
(1)
3.25
(C)
COFINS sales
deduction
(1)
15.00
(D)
COFINS Payable
(1)
15.00
(C)
= 200, 00
Rafael Vanderlei
Pgina 121
8.7 - Accounting
DB ICMS tax sales deduction
CR ICMS payable
$ 200.00
$ 200.00
ICMS Payable
(2)
200.00
(D)
(1)
200.00
(C)
= 100.00
= 100.00
Rafael Vanderlei
Pgina 122
8.11 - Accounting
DB - IPI tax sales deductions
CR - IPI Payable
DB Customers
CR - Sales revenue
$ 100.00
$ 100.00
$ 100.00
$ 100.00
Customers
(1)
100.00
(D)
IPI Payable
(1)
100.00
(C)
Sales revenue
(1)
100.00
(C)
Rafael Vanderlei
Pgina 123
Credit note is not a valid fiscal document because it is only an accounting practice.
9.1 - Credit note posting
Let's imagine for a specific sale, there was the issuance of Nota Fiscal with a value
greater in $ 500.00 .
9.2 - Fiscal Books
There is a requirement because it is not a fiscal document.
9.3 - Accounting
DB Sales revenue
CR Customer
$ 500.00
$ 500.00
Customer
(1)
500.00
(C)
For these cases, it should be noted the taxes, although there is no need and obligation
to entry it in the fiscal books.
10.0 - Sales Return
Concept:
Sales return is caused by discrepancies in receiving goods by the buyer depending on
price, terms, product quality and so on.
Rafael Vanderlei
Pgina 124
= $ 10,500.00
= $ 10,000.00
= $ 500.00
= $ 10,000.00
= $ 1,800.00
= $ 10,000.00
= $ 10,000.00
=$
65.00
= $ 10,000.00
=$
300.00
Rafael Vanderlei
Pgina 125
= $ 10,500.00
= $ 10,000.00
= $ 1,800.00
= $ 10,000.00
= $ 500.00
10.3 - Accounting
DB Sales revenue (reversing of sales)
CR Customer
DB ICMS payable
CR - ICMS tax sales deduction
DB - IPI payable
DB - PIS payable
CR - PIS tax sales deduction
DB - COFINS payable
CR COFINS tax sales deduction
DB Cost of sales - Value only for example.
CR Inventories
$ 10,000.00
$ 10,500.00
$ 1,800.00
$ 1,800.00
$ 500.00
$
65.00
$
65.00
$ 300.00
$ 300.00
$ 3,000.00
$ 3,000.00
Customer
(1)
10,500.00
(D)
(1)
10,500.00
(C)
Sales
Revenue(Reversing of
sales)
(1)
10,000.00
(D)
Rafael Vanderlei
Pgina 126
ICMS Payable
IPI Payable
(1)
1,800.00
(D)
(1)
500.00
(D)
COFINS Payable
(1)
300.00
(C)
PIS Payable
(1)
65.00
(D)
(1)
300.00
(C)
Cost of Sales
(2)
3,000.00
(C)
Inventories
(2)
3,000.00
(D)
Sales returns accounts of ICMS / IPI payable can be replaced by recoverable ICMS / IPI.
The account of sales revenue may also be replaced by another account called sales
returns which is a reduction of the revenue account. This account is mostly used to
better identification in financial statements and accounting, to demonstrate the
amount of returns during the period.
If there are partial sales return, the procedure adopted is the same, but just check the
quantities and values of this returns
Rafael Vanderlei
Pgina 127
= 3100.00
= 1000.00
= 180.00
= 100.00
=
6.50
= 30.00
Rafael Vanderlei
Pgina 128
= $ 1,100.00
= $ 1,000.00
= $ 180.00
= $ 1,000.00
= $ 100.00
= $ 2,000.00
= $ 2,000.00
= $ 2,000.00
In the body of the Nota Fiscal must state that packaging going along goods shall return
later.
11.2 - Accounting
DB Customer
$ 1,100.00
CR Sales revenues
$ 1,000.00
DB ICMS tax sales deduction
$ 180.00
CR ICMS payable
$ 180.00
CR - IPI payable
$ 100.00
DB - PIS tax sales deduction
$
6.50
CR - PIS payable
$
6.50
DB COFINS tax sales deduction
$ 30.00
CR COFINS payable
$ 30.00
DB Cost of sales - (example)
$ 450.00
CR Inventory
$ 450.00
DB - Packaging Material in 3rd Power
$ 2,000.00
CR Finished goods Inventory (Pallets, Cardboard and Box etc.). $ 2,000.00
Rafael Vanderlei
Pgina 129
Sales Revenue
(1)
1,100.00
(D)
(1)
1,000.00
(C)
ICMS Payable
IPI Payable
(1)
180.00
(C)
(1)
100.00
(C)
PIS Payable
(1)
6.50
(D)
(1)
6.50
(C)
COFINS Payable
(1)
30.00
(C)
(1)
180.00
(D)
Cost of Sales
(2)
450.00
(D)
Inventories
(2)
450.00
(c)
Rafael Vanderlei
Pgina 130
Packaging Inventories
(3)
2,000.00
(D)
(3)
2,000.00
(D)
The return of these packs, please observe sub-topic 11:11 of the incoming processes.
12.0 - Sale / Remittance for Future delivery
Concept:
This operation occurs when a buyer (customer) makes purchase of a particular line of
production for some period.
It can also occur when due to physical space the buyer (client) got a lot of goods, but
guides the vendor to do partial deliveries.
So at first there is the issue of a simple billing Nota Fiscal providing the taxation of IPI.
Talking about ICMS, it should be paid only in the physical movement of goods as
required by rules.
Referring further to ICMS, the calculating basis and the value may change if there is an
economic instability in the Country
Each state must create a currency for indexing these values. In case of So Paulo State,
the currency created was UFESP (Fiscal Unit of the State of So Paulo).
The rule operates as follows:
The value of the goods of the first Nota Fiscal (Simple Billing) will be divided by the
currency of that day (e.g. UFESP). On the effective day of Nota Fiscal (day, month or
year), the value got in UFESP (previous calculation result) will be multiplied by UFESP
of the day of the Nota Fiscal of the goods. This calculation is applicable only to find the
base and value of the ICMS.
Rafael Vanderlei
Pgina 131
Examples:
First Nota Fiscal, CFOP 5.116 - Future delivery sales (single billing), with a total value of
$ 2,000.00 without ICMS / IPI.
UFESP quotation at the day of the simple billing issuance = 1.17
$ 2,000.00 / 1.17 = 1709.401709 UFESP
Second Nota Fiscal, 5.922 Shipment of future delivery two months after the billing.
We must remember that this product is taxed by IPI; it may be registered also in that
Nota Fiscal.
For example purposes, consider a 10% rate of IPI.
First find the calculating basis and value of the ICMS.
UFESP Value for that day = 1.21
Results of the previous division UFESP= 1709.401709 * 1.21 = $ 2068.38
Therefore, the value of NF is as follows:
Nota Fiscal value
Value of goods
ICMS tax base amount
ICMS value 18%
IPI tax base amount
IPI value 10%
= $ 2,200.00
= $ 2,000.00
= $ 2,068.38
= $ 372.31
= $ 2,000.00
= $ 200.00
In the body of Nota Fiscal must contain to which Nota Fiscal this remittance refers to.
If at the time this process there is no change in the currency index, the tax base
amount will be the same as the value of the goods issued on simple billing Nota Fiscal.
12.1 Sale for Future Delivery
We will utilize the previous example to observe tax and accounting entries.
Rafael Vanderlei
Pgina 132
First Nota Fiscal CFOP 5116 - Sales for future delivery (single billing) with a total value
of $ 2,000.00 without ICMS / IPI.
CFOP Code= 5.111 - sale for future delivery
Nota Fiscal value
Value PIS 0.65%
Value COFINS 3%
= $ 2,000.00
= $ 13.00
= $ 60.00
= $ 2,000.00
= $ 2,000.00
= $ 2,000.00
12.3 Accounting
DB Customer
CR Future revenue
DB - PIS tax sales deduction
CR - PIS Payable
DB COFINS expense on sales
CR - COFINS Payable
$ 2,000.00
$ 2,000.00
$ 13.00
$ 33.00
$ 60.00
$ 60.00
Future Revenue
(1)
2,000.00
(C)
Rafael Vanderlei
Pgina 133
PIS Payable
(1)
13.00
(C)
COFINS Payable
(1)
60.00
(D)
(1)
60.00
(C)
= $ 2,200.00
= $ 2,000.00
= $ 2,068.38
= $ 372.31
= $ 2,000.00
= $ 200.00
= $ 2,200.00
= $ 2,068.38
= $ 372.31
= $ 2,000.00
= $ 200.00
Rafael Vanderlei
Pgina 134
12.7 - Accounting
DB Cost of sales
CR Inventory
DB - ICMS tax sales deduction
CR ICMS Payable
CR - IPI Payable
DB Future revenues
CR - Sales revenue
DB - Customers
$ 300.00
$ 300.00
$ 372.31
$ 372.31
$ 200.00
$ 2,000.00
$ 2,000.00
$ 200.00
(1)
300.00
(C)
ICMS Payable
Future Revenues
(*)
2,000.00
(C)
(1)
372.31
(D)
IPI Payable
(1)
372.31
(C)
(1)
2,000.00
(D)
Inventory
(1)
200.00
(C)
Sales revenue
(2)
2,000.00
(C)
Customer
(3)
200.00
(D)
Rafael Vanderlei
Pgina 135
Rafael Vanderlei
Pgina 136
= $ 1,100.00
= $ 1,000.00
= $ 180.00
= $ 1,000.00
= $ 100.00
In the body of this document, must state that the material contained in Nota Fiscal
follows as consignment.
13.2 - Fiscal Books
CFOP Code= 5.917 Remittance of Consignment Material
Accounting amount
ICMS tax base amount
ICMS debit
IPI tax base amount
IPI debit
= $ 1,100.00
= $ 1000.00
= $ 180.00
= $ 1,000.00
= $ 100.00
13.3 - Accounting
DB - Temporary material on consignment
CR Customer Consignment clearing account
DB - ICMS Consignment
CR ICMS Payable
DB - IPI consignment
CR - IPI Payable
$
$
$
$
$
$
1,100.00
1,100.00
180.00
180.00
100.00
100.00
Rafael Vanderlei
Pgina 137
Temporary
Consignment Material
Customer
Consignment clearing
account
(1)
1,100.00
(D)
(1)
1,100.00
(C)
ICMS Payable
(1)
180.00
(C)
IPI Consignment
ICMS Consignment
(1)
180.00
(D)
IPI Payable
(1)
100.00
(D)
(1)
100.00
(C)
= $ 1,100.00
=$
7.15
= $ 33.00
In the body of this document must state that the sale relates to the consignment
previously issued as Nota Fiscal #. xx.
13.6 - Tax Books
CFOP Code= 5.111 - Consignment Sale material
Accounting amount
ICMS excluded or other base
IPI excluded or other base
= $ 1,100.00
= $ 1,100.00
= $ 1,100.00
Rafael Vanderlei
Pgina 138
13.7 - Accounting
DB Customer
CR - Sales revenue
DB Customer consignment clearing account
CR - Temporary material on consignment
DB COGS
CR Inventory
DB ICMS tax sales deduction
CR - ICMS Consignment
CR - IPI assignment
DB - PIS tax sales deductions
CR - PIS payable
DB COFINS tax sales deductions
CR - COFINS payable
$ 1,100.00
$ 1,000.00
$ 1,100.00
$ 1,100.00
$ 200.00
$ 200.00
$ 180.00
$ 180.00
$ 100.00
$ 7.15
$ 7.15
$ 33.00
$ 33.00
Customer
Sales Revenue
(1)
1,100.00
(D)
(1)
1,000.00
(C)
Temporary material
Consignment
(*)
1,100.00
(D)
(2)
1,100.00
(C)
COGS
(3)
200.00
(D)
Customer
consignment
clearing acocunt
(2)
(*)
1,100.00 1,100.00
(D)
(C)
ICMS Cosignment
(*)
180.00
(D)
(2)
180.00
(C)
Rafael Vanderlei
Pgina 139
IPI Consignment
(*)
100.00
(D)
(2)
100.00
(C)
PIS Payable
(2)
7.15
(C)
COFINS Payable
(2)
33.00
(C)
Rafael Vanderlei
Pgina 140
NF
remittance
(3rdNF)
Rafael Vanderlei
Pgina 141
=
=
=
=
=
=
=
$ 1.100,00
$ 1.000,00
$
180,00
$ 1.000,00
$
100,00
$
6,50
$
30,00
=$
= $ 1,000.00
= $ 180.00
= $ 1,000.00
= $ 100.00
14.4 - Accounting
DB Customer
CR - Sales Revenue
DB - ICMS tax sales deduction
CR ICMS payable
CR - IPI payable
DB - PIS tax sales deduction
CR - PIS payable
DB COFINS expense on sale
CR - COFINS payable
$ 1,100.00
$ 1,000.00
$ 180.00
$ 180.00
$ 100.00
$ 6.50
$ 6.50
$ 30.00
$ 30.00
Rafael Vanderlei
Pgina 142
Customer
(1)
1,100.00
(D)
Sales Revenue
(1)
1,000.00
(C)
ICMS Payable
IPI Payable
(1)
180.00
(C)
(1)
180.00
(D)
(1)
100.00
(C)
PIS Payable
(1)
6.50
(C)
COFINS Payable
(1)
30.00
(C)
Rafael Vanderlei
Pgina 143
When "B" receives Nota Fiscal collecting invoice of goods sent to the "C", he will be
posting and registering it physically for tax purposes in accordance with the
procedures of entries, debiting inventory, taxes and crediting suppliers (See remarks in
sub-topic 1.3 of incoming processes ).
After this, "B" should do the posting of Cost of sales accounts versus inventory related
to the sales at order as follows:
Suppose that the value of Cost of sales was equal to $ 200.00
14.6 - Accounting
DB Cost of sales
CR Inventory
$ 200.00
$ 200.00
inventories
(1)
200.00
(D)
(1)
200.00
(c)
NF
sale (1stNF)
(3rdNF)
remittance (1aNF) C
Rafael Vanderlei
Pgina 144
= $ 1,100.00
$ 200.00
$ 200.00
Cost of Sales
(1)
200.00
(D)
Inventories
(1)
200.00
(c)
Rafael Vanderlei
Pgina 145
Nota Fiscal value $ 1100.00 with 5.120 CFOP containing ICMS and IPI.
Nota Fiscal value
ICMS tax base amount
ICMS value
IPI tax base amount
IPI Value
PIS 0.65%
COFINS 3%
= $ 1,100.00
= $ 1,000.00
= $ 180.00
= $ 1,000.00
= $ 100.00
=$
6.50
= $ 30.00
= $ 1,100.00
= $ 1,000.00
= $ 180.00
= $ 1,000.00
= $ 100.00
14.15 - Accounting
DB Customer
CR Sales revenues
CR ICMS tax sales deduction
CR ICMS payable
CR - IPI Payable
DB PIS tax sales deductions
CR PIS Payable
DB COFINS tax sales deductions
CR COFINS Payable
$ 1.100,00
$ 1.000,00
$ 180,00
$ 180,00
$ 100,00
$
6,50
$
6,50
$ 30,00
$ 30,00
Rafael Vanderlei
Pgina 146
Customer
(1)
1,100.00
(D)
Sales Revenue
(1)
1,00.00
(C)
ICMS Payable
IPI Payable
(1)
180.00
(C)
(1)
180.00
(D)
(1)
100.00
(C)
PIS Payable
(1)
6.50
(C)
COFINS Payable
(1)
30.00
(C)
Rafael Vanderlei
Pgina 147
(3rdNF)
NF
Remittance
(2ndNF
The tax and posting entries are exactly equal to the example of sales order and
purchase by the order, but is added by "B" the process of subcontracting, in
accordance with the 13.0 topic of incoming processes.
Summary:
When you are the figure "A", the procedure to be adopted will bet as the 15.13 subtopic of outgoing process.
When you are the figure "B", the procedure to be adopted will be that as the 15.10
sub-topic of outgoing processes
Rafael Vanderlei
Pgina 148
When you are figure C", the procedure to be adopted will be that as the 13.0 subtopic
of incoming processes.
15.0 - Export Sales
Concept:
Export is any transaction carried out, to any other country as destination.
Whatever the material for industrialization, resale or consumption material, there will
be no taxation.
The Government has determined this technique aiming to control the trade balance,
as hindering the purchase of imported materials means less dollars out of the country,
while on the other side, exports, government benefits the taxpayer with the nonpayment of taxes on exports, which means more dollar inflows .
15.1 Sales for industrialization / Resale or Consumption Exports
Export sales Nota Fiscal without ICMS / IPI with CFOP 7.101 (export).
Total value of Nota Fiscal
= $ 2,200.00
= $ 2,200.00
= $ 2,200.00
= $ 2,200.00
15.3 Accounting
DB Customer
CR - Sales revenues
$ 2,200.00
$ 2,200.00
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Customer
(1)
2,200.00
(D)
Sales revenues
(1)
2,200.00
(C)
If this is an export sales of imported products a Nota Fiscal must contain all taxes,
because the benefit is granted only for domestic products .
16.0 Tax free zone sales Zona Franca de Manaus Concept:
With intent to grow the region of Manaus up through industrial parks, government
determined the benefit of not paying the taxes ICMS / IPI/PIS and COFINS for sales
intended for that region, which means cheaper products for the end user of that state.
This benefit is extended only for domestic products, i.e., if the sale is an imported
product, seller is not entitled for that benefit.
Another important detail is that the value of ICMS already included in the sale value, it
must be demonstrated in the body of the Nota Fiscal as "discount of ICMS."
Example:
Value of Goods with ICMS included
ICMS Discount of 7%
Total value of Nota Fiscal
= $ 1,000.00
= $ 70.00
= $ 930.00
Note: Value of $ 930.00 relating to ICMS rebate due to interstate operation is aimed at
the north / northeast, which a rate of 7% is applied.
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= $ 2,200.00
= $ 154.00
= $ 2,046.00
$ 2,046.00
$ 2,046.00
$ 154.00
$ 154.00
Customer
(1) 2.046,00
(D)
ICMS Payble
Revenue
(1) 2.046,0
0
(C)
(1) 14.30
(1) 14.30
(D)
(C)
Rafael Vanderlei
Pgina 151
= $ 1,100.00
= $ 1,100.00
= $ 198.00
= $ 1,000.00
= $ 100.00
Rafael Vanderlei
Pgina 152
=$
= $ 1,100.00
= $ 198.00
= $ 1,000.00
= $ 100.00
17.3 - Accounting
DB - Expenses / Cost
CR Inventories
CR ICMS payable
CR - IPI payable
$ 1,100.00
$ 802.00
$ 198.00
$ 100.00
Expenses/Cosdt
(1)
1,100.00
(D)
Inventories
(1)
802.00
(C)
ICMS Payable
(1)
198.00
(D)
IPI Payable
(1)
198.00
(C)
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= $ 1,100.00
= $ 1,000.00
= $ 180.00
= $ 1,000.00
= $ 100.00
Accounting amount
ICMS tax base amount
ICMS debit
IPI tax base amount
IPI debit
= $ 1,100.00
= $ 1,000.00
= $ 180.00
= $ 1,000.00
= $ 100.00
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18.3 Accounting
DB - Material on of 3rd party inventory
CR Inventories
CR ICMS payable
CR - IPI payable
$ 1,100.00
$ 820.00
$ 180.00
$ 100.00
Inventories
(1)
820.00
(C)
ICMS Payable
(1)
180.00
(C)
IPI Payable
(1)
100.00
(C)
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= $ 1,100.00
= $ 1,100.00
= $ 198.00
= $ 1,000.00
= $ 100.00
= $ 1,100.00
= $ 1,100.00
= $ 198.00
= $ 1,000.00
= $ 100.00
19.2 Accounting
DB - Expenditure / Cost
CR - Inventories
CR ICMS payable
$ 1,100.00
$ 802.00
$ 198.00
CR IPI Payable
$ 100.00
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Pgina 156
Expenditure/Costs
(1)
1,100.00
(D)
Inventories
(1)
802.00
(C)
ICMS Payable
(1)
198.00
(C)
IPI Payable
(1)
100.00
(C)
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The general concept of the material ledger (for moving average price) flow is described
below:
Standard price: BRL 100,00
Qty Unit
Total at
price BRL Std Cost
1 Begining inventory
100,00
0,00
60
103,00
6.000,00
Price
Dif
180,00
Unit
Total value at
price BRL purchase price BRL
100,00
0,00
103,00
6.180,00
3 Invoice Receipt
Moving average
price
6.180,00
60
103,00
6.180,00
4 Consumption
10
100,00
1.000,00
30,00
103,00
1.030,00
5 Ending Inventory
50
100,00
5.000,00
150,00
103,00
5.150,00
6 Material Ledger
Material Stock
150,00
GR/IR Clearing
(1) 0,00
1.000,00 (4)
(2) 6.000,00
30,00 (4a)
(3)
6.180,00
Acounts Payable
6.180,00 (2)
6.180,00
(3)
(6) 150,00
30,00
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Mat. Consumption
Price Difference
(4)
1.000,00
(2) 180,00
150,00
(6)
(4a) 30,00
30,00
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6. Final considerations:
The information presented here was extracted from the government published rules other
State and Federal regulations when treated as rules.
As for the processes and their applications, they were developed based on empiricism and
coexistence of the author in different segments and different types of products called ERP, as
well as graduation and is always observed and applied all the rules as defined under law.
The use of this material should be personal to the professional development activities of the
course participants, being forbidden copies of this literature in question and can be applied to
the penalties provided in the legal order.
Finally, I want to thank everyone for their participation and active attention given during the
event.
Many thanks
Rafael Vanderlei,
Executive partner
rafael.vanderlei@intragroup.com.br
www.intragroup.com.br
+55 11 5507-7727-Ext. 21
+55 11 99911-2248
Rafael Vanderlei
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