REVENUE ACCOUNTING THROUGH REVACT SOFTWARE

REVACT package has been in operation since April 1993. REVACT is a much improved package over MONEX and generates qualitatively better reports in areas of delayed remittances, Bank Reconciliation for Refunds & Drawbacks transactions, Budget Head wise reports, Revenue Reconciliation facility etc. Separate option for entering the data relating to Customs Duty has also been developed so that this package is capable of accounting in all the revenue receipt heads of CBEC i.e. Customs Duty, Central Excise Duty, Service Tax, Foreign Travel Tax etc.

The REVACT package had to undergo revision due to the bifurcation of the Central Excise Commissionerates. Originally the software was designed to have only one Commissionerate under one Pay and Accounts Office and hence the data entry and reports were allowed for a single Commissionerate. The software needed Y2K compliance also. The required modifications have been incorporated in the software and implemented in all Pay and Accounts Offices before year January,2000.