AI Modules/Working Papers/AP Ageing

MSMED Act 2006· पत्र

AP Ageing

Payables ageing with MSME bifurcation per MSMED Act 2006.

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Schedule III ತಿದ್ದುಪಡಿ 2021 mandates ageing buckets for trade payables. The MSMED Act 2006 adds the requirement to split payables into MSME registered suppliers and other suppliers, with Section 15 interest disclosure for delays beyond 45 days. CORAA composes both views: the standard Sch III buckets, and the MSME-vs-others split with interest accrual.

Five Sch III ತಿದ್ದುಪಡಿ 2021 buckets
MSME vs non-MSME split per MSMED Act 2006
Section 15 interest disclosure for delays beyond 45 days
Party-wise ಟಿಯರ್ II ನಲ್ಲಿ, bill-wise ಟಿಯರ್ III ನಲ್ಲಿ
ಶುಲ್ಕds ಇಲ್ಲte 23 Trade Payables and ಇಲ್ಲte 8 disclosures
Form 3CD Clause 22 MSME disclosure auto-populated

Two paths, one ledger

The old way, and ours.

Two paths to the same audit conclusion. One leaves traces; the other doesn't.

Traditional

The old way

-AP ಏಜಿಂಗ್ built from accounting system year-end ವರದಿ
-MSME identification by manually cross-checking Udyam certificates
-Section 15 interest accrual computed in Excel per supplier
-Form 3CD Clause 22 disclosure prepared separately

AP ಏಜಿಂಗ್ build time: 3-5 hours. MSME ಅನುಸರಣೆ frequently incomplete.

CORAA

On the Ledger

Live AP ಏಜಿಂಗ್ as of any reference date
MSME flag on ಪಾರ್ಟಿ ಮಾಸ್ಟರ್ drives the bifurcation
Section 15 interest auto-computed for MSME payables over 45 days
ಇಲ್ಲte 23 Trade Payables (MSME split) auto-populated
Form 3CD Clause 22 MSME disclosure flows from this WP

AP ಏಜಿಂಗ್ instant. MSME ಅನುಸರಣೆ complete by ಟಿಯರ್ II.

How it works

Three steps. Every trace logged.

Step 01

MSME identification at ಎಂಗೇಜ್‌ಮೆಂಟ್ ಸೆಟಪ್

ಪಾರ್ಟಿ ಮಾಸ್ಟರ್ uploaded with MSME flag (Udyam Registration Number where available). CORAA flags MSME registered suppliers for Section 15 interest tracking.

Step 02

Ageing composition

Per-payable days outstanding computed as of the BS date. Five Sch III buckets aggregate the totals. Per-supplier ageing renders ಟಿಯರ್ II ನಲ್ಲಿ; per-invoice ಟಿಯರ್ III ನಲ್ಲಿ.

Step 03

Section 15 interest accrual

For MSME-registered suppliers, payables outstanding beyond 45 days from the appointed date attract interest under Section 15 of the MSMED Act 2006. CORAA computes the interest accrual at 3 ಬ್ಯಾಂಕ್ ದರದ ಪಟ್ಟು, flagged for management acknowledgement.

Inside the module

What you actually get.

MSMED Act 2006 MSME bifurcation

Supplier MSME registration status drives the bifurcation. MSME registered suppliers are tracked separately for the appointed date, principal payment, and any interest accrued under Section 15.

›MSME / non-MSME split per supplier
›Udyam Registration tracked
›Appointed date capture
›Principal vs interest disclosure

Section 15 interest computation

Section 15 of MSMED Act 2006 prescribes interest at 3 ಬ್ಯಾಂಕ್ ದರದ ಪಟ್ಟು (currently around 13.5% effective rate) for delays beyond 45 days. CORAA auto-computes this for every MSME payable with appropriate ageing.

›3x ಬ್ಯಾಂಕ್ ದರ computation
›Per-supplier interest accrual
›Disclosure note pre-filled
›ಆಡಿಟ್ log captures the assumed ಬ್ಯಾಂಕ್ ದರ

ಇಲ್ಲte 23 Trade Payables auto-fill

ಇಲ್ಲte 23 of Schedule III requires the MSME / non-MSME split with appointed dates and interest disclosure. CORAA auto-fills this from the AP ಏಜಿಂಗ್ data; ಆಡಿಟರ್ confirms accuracy.

›ಇಲ್ಲte 23 ಟೆಂಪ್ಲೇಟ್
›MSME / non-MSME aggregate totals
›Appointed date capture
›Interest amount accrued and paid

Form 3CD Clause 22 integration

Form 3CD Clause 22 asks for the same MSME disclosure. CORAA reuses the AP ಏಜಿಂಗ್ data; no re-keying required.

›Clause 22 auto-population
›Cross-tie to ಇಲ್ಲte 23 enforced
›ಆಡಿಟರ್ verifies and confirms

Frequently asked

Answers, up front.

Three signals: (1) the ಆಡಿಟರ್ flags the supplier as MSME in the ಪಾರ್ಟಿ ಮಾಸ್ಟರ್ with Udyam Registration Number, (2) the GSTIN registration type indicates MSME, (3) the ಆಡಿಟ್ee provides an MSME declaration list. CORAA uses signal 1 as authoritative; signals 2 and 3 surface as suggestions for ಆಡಿಟರ್ ಗೆ verify.

Under the MSMED Act 2006, the appointed date is the date when payment becomes due (15 days from supply or as agreed in writing, capped at 45 days). After this date, interest accrues at 3 ಬ್ಯಾಂಕ್ ದರದ ಪಟ್ಟು. CORAA captures the appointed date per invoice when bill register is loaded; otherwise uses 15 days from invoice date as default.

Disputed status is captured in the ಪಾರ್ಟಿ ಮಾಸ್ಟರ್ with an ಆಡಿಟ್ log entry. The disclosure note in ಇಲ್ಲte 23 surfaces the dispute; the ಆಡಿಟರ್ decides whether to provide for the interest or disclose the contingent liability per AS 29.

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