I had created a bill in January 2021, but I received the product only in February 2021. Can I claim ITC for this bill?
Yes. Zoho Books lets you have a separate date for accounting purpose called Transaction Posting Date instead of the bill date. This date will be used in the ITC Section of GSTR-3B. Here’s how you can enable it:
Go to Settings > Preferences.
Under Bills, go to Field Customisations.
By default, the Transaction Posting Date field will be marked as inactive. Hover over the field and click the dropdown in the right corner and select Mark as Active.
Now, the Transaction Posting Date will be active. Here’s how you can use it in a transaction:
When you create or edit a created bill, enter the date in which you have received the products in the Transaction Posting Date field.
By default, if the transaction posting date field is left empty, the bill date will be used as the posting date.
Adding the Transaction Posting Date will let you claim ITC for these products in the month specified in the Transaction Posting Date field instead of the month specified in the Bill Date field.