eInvoicing in Shipmnts
What is eInvoicing?
An e-invoice/electronic invoice is a digital document that is exchanged between a supplier and buyer and is validated as per the compliances of the government’s taxation policy. Government of India under it’s GST regime has introduced e-Invoicing to standardise the way business-to-business (B2B) invoices are reported to the GST system. This will ensure
- That all invoices are submitted to the GST portal in a common, machine-readable format
- They are reported as soon as they are made instead of being reported at end of the month in format of GSTR-1
- Invoices are authenticated between buyer and seller, authenticity of which can be cross checked by both the parties can cross checked basis the IRN and QR code
How does it work in Shipmnts.com?
eInvoicing in Shipmnts.com is a simple and hassle-free process. Since Shipmnts.com has partnered up with registered GST Suvidha Provider (GSP), you can connect Shipmnts finance module with the IRP (Invoice Registration Portal) easily.
- Shipmnts invoicing module helps you create invoices in the e-Invoicing format, by including all the mandatory fields mentioned in the e-Invoice schema.
- The invoices are preemptively validated as per GST’s compliance at time of Saving the invoice
- The invoices can be pushed to the IRP by clicking on Submit Button
- The IRP will then send a unique Invoice Registration Number (IRN) to identify this invoice, along with a QR code which will get automatically synced against the invoice
- Digitally signed eInvoice along with QR code and IRN can then be sent to customer via a email in a click of a button
- Shipmnts.com invoicing module also provides you the option to cancel e-Invoices (within 24hrs of the invoice’s IRN generation you can directly cancel within shipmnts, post 24 hrs you will have to cancel IRN first from GST portal and then you can mark the invoice as cancelled in shipmnts system)
What will change in your business process?
Invoice Approval and Correction (Amendment) Process
If you have been following a process of invoice approvals by sales and finance managers of customers before sending the final invoices. This is how it will have to work now
- After saving the invoice you can send the invoice for approval
- Once you get the approval from sales team and you have a process of getting approvals from customer as well send it to customers for approval
- Once you get the approval from customer then click on submit, IRN and QR code will be generated and you can send them out to customer
- Once final invoice with IRN is sent cancellation of invoices and then correcting them will only be allowed for next 24 hrs as per Government of India guidelines. You can reuse the same invoice number and generate fresh IRN number within the same month
- After 24 hrs if there are any corrections to be done in the invoice you will have to cancel the invoice first in GST portal and then you cancel the same in Shipmnts. You can reuse the same invoice number and generate fresh IRN number within the same month
Benefits
A simple unified approach to e‑invoicing
The new system of e‑invoicing has standardised how B2B invoices are accounted in the GST system. Since Shipmnts.com has partnered up with a registered GST Suvidha Provider (GSP), you can connect with the IRP directly and create invoices in the e‑invoicing format for a streamlined, hassle-free process.
Easy one-time setup and Onboarding
Setting up e‑invoicing is a simple 4 Step process with Shipmnts.com which is explained in the section below. All along in the process you will be assisted by CS team representative till you generate and send your first eInvoice from our system.
Generate error-free e‑invoices
Shipmnts.com allows you to generate e‑invoices using Government-mandated fields. We have added an extra layer of caution, it validates your data to identify violations, incorrect data entries, and missing mandatory fields as soon as you save the invoice. In case of violations/incorrect data it will display user friendly error messages which help them to take necessary corrective measure very easily
Send invoices to the IRP in a single click
- You can send your invoices from Shipmnts.com to the e‑invoicing portal (IRP) in a single click. If you want additional quality control, enable advance roles and permission where invoice is saved by the maker and submitted for final IRN generation by an approver.
- So that each invoice is verified by someone in your organisation before you send it to the IRP
- With Automated Report reminders approver gets the list of invoices generated at the end of day automatically in his inbox and he can take action on it
- To save time, you can send multiple invoices at once to the IRP using bulk actions in Shipmnts.com
Follow up and see the status of your e‑invoice
Shipmnts keeps you up to date with your e‑invoice's every move. Different statuses like Draft, IRN Sent, IRN Generated and IRN cancelled help you keep track of all your e‑invoices easily in our Job Sales Invoice List and billing reports
Send e-invoices to your customers in a single click
You can send digitally signed e-invoices along with QR code and IRN in branded email template with all detail around the shipment in a single click
Cancel e‑invoices as per your need
Shipmnts makes it easy to cancel your e‑invoices if necessary. The cancellation process depends upon the time lapsed since the IRN generation, so shipmnts guides you through both canceling an e‑invoice within 24 hours of generating an IRN for it and canceling after the 24-hour time frame. Just like our current system within same month you can re-use the existing invoice number after cancellation of IRN as well
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