TaxTMI 
TaxTMI 
Dear Sir,
Could any one guide how to reconcile the er1 returns figure with the balance sheet sales figure.
What are the things to be taken for reconcilation.
Regards,
S.Ramakrishnan
reconcile er1 returns with trial balance/balancesheet
21 Apr 2014 
4 Replies 
11075 Views Asked by
Reconciliation of ER-1 returns requires adjusting for presentation and transactional differences to align excise and annual accounts.
Reconciliation of ER-1 returns with annual accounts sales requires identifying transactional and presentation differences and adjusting for inter unit transfers, depot movements, exempted removals, supplies to export/EOU/SEZ, goods removed but unsold, goods sold but not removed, sale of scrap recorded as other income, and credit notes/returns. Preparers should use a reconciliation template capturing these additions and deductions and account for business specific grouping differences to align ER-1 figures with financial statements for audit verification and excise compliance. (AI Summary)
Reconciliation of ER-1 returns with annual accounts sales requires identifying transactional and presentation differences and adjusting for inter unit transfers, depot movements, exempted removals, supplies to export/EOU/SEZ, goods removed but unsold, goods sold but not removed, sale of scrap recorded as other income, and credit notes/returns. Preparers should use a reconciliation template capturing these additions and deductions and account for business specific grouping differences to align ER-1 figures with financial statements for audit verification and excise compliance. (AI Summary)