TCS Accounting Entry

[Former Member]

Dear All,

Could you confirm my Tax collected at source accounting entry.

We are passing entry through Billing from SD.

Customer Dr 1500

Scrap Sales Cr 1000

VAT Payable Cr 300

TC Clearing Cr 200 (JTS )

TCS Clearing Dr 200 (WIT)

TCS Payable Cr 200 (Off setting)

waitinf for your confirmation.

Regards,

Ramakrishna

[m_madhu · Accepted solution]

HI,

as per TCS functionality given by SAP

there will three lines relates to TCS and above is correct.

Please also refer the below notes for TCS.

1168591 1291522 1224778

Regards

Madhu M

[Former Member]

Dear Experts,

I want to know how these below accounting entries hit in GL account. TCS credited 8.93 rs but then it debited 10.what is the logic behind this or it is wrong entry?

10001010	200000018	CHARAN DAS ENTERPRISES	901.00	INR	**
10001010	3010000060	Sale Revenue	850.00-	INR	A2
	1063000202	VAT 5 % Payable	42.50-	INR	A2
	1063000007	TAX  COLLECTION AT S	8.93-	INR	Z1
10001010	3010000060	Sale Revenue	0.43	INR	Z1
10001010	1063000007	TAX  COLLECTION AT S	10.00	INR		Z1
10001010	1063000070	OFF SETTING TAX  COL	10.00-	INR		Z1

[Former Member]

Hi,

Rounding Rule would be requried to be assigned to both the SD Pricing Procedure as well as to the Withholding Code that has been created.

GL Accounts would be dervied as per below:

A) For VKOA Setting:

For Ex.:

V KOFI 1000 1001 ZTC 1531201 (Tax Collected at Source (TCS) Payable)

V KOFK 1000 1001 ZTC 1531201 (Tax Collected at Source (TCS) Payable)

Mention the "TCS Payable GL Account" with the Account Key in combination with Co. Code & Sales Org.

B) For TCS FI GL Setting:

For Offsetting Entries (Transaction - OFF)

For Ex.:

S1 S1 1531201 (Tax Collected at Source (TCS) Payable)

For Clearing GL Setting:

For Withholding Entries (Transaction - WIT)

S1 S1 1492101 1492101 (TCS 206C Clearing Account)

Regards,

Jaymin R. Bhatt

[Former Member]

helpful with snotes.