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.
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||**|
|1063000202||VAT 5 % Payable||42.50-||INR||A2|
|1063000007||TAX COLLECTION AT S||8.93-||INR||Z1|
|10001010||1063000007||TAX COLLECTION AT S||10.00||INR||Z1|
|10001010||1063000070||OFF SETTING TAX COL||10.00-||INR||Z1|
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:
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)
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)
Jaymin R. Bhatt