Billing, Payments, and Financial Transactions
Billing, Payments, and Financial Transactions tests accurate billing, tax treatment, payment handling, and reconciliation. Questions cover invoice fields, discounts, GST, cash and digital payments, refunds, and end-of-day cash-up.
Billing rules
- A tax invoice normally shows seller and buyer details, invoice number and date, item description, quantity, taxable value, tax rate and amount, and total.
- Apply a trade discount to the taxable value before GST unless the question states otherwise.
- For intra-state sales, GST may appear as CGST + SGST; for inter-state sales, as IGST.
- Match payment mode to evidence: cash count, card slip, or UPI confirmation.
- Refunds and voids need authorisation and a record so stock and cash reconcile.
Worked example
Two items cost ₹400 and ₹600. Subtotal = ₹1,000. A 10% discount is ₹100, so taxable value = ₹900. GST at 18% = ₹162. Total bill = ₹1,062. If the customer pays ₹1,200 in cash, change = ₹138. If the customer pays by UPI, check the received confirmation before releasing goods; do not treat a screenshot alone as proof.
Marks traps
Do not calculate GST on ₹1,000 after giving a discount on ₹900. Do not mix inclusive and exclusive tax prices. Do not put a cash shortfall into the next day’s till without reporting it. Do not process a refund without checking the original bill and policy.