TDS in Payment on Account

[Former Member]

Hi All,

What is the process of deducting TDS on Payment on Account ( In Outgoing payments ).

Please reply fast.

Regards,

Abhishek

Edited by: Rui Pereira on Nov 7, 2008 11:59 AM

[Former Member · Accepted solution]

Please check this thread for more info regarding TDS:

Thanks,

Gordon

[Former Member]

Hi Abhishek A

Please do check the BP master for TDS percentage configuration whether you have set the respective tax line as default or not, if not please choose the code ending "P" and set as default.

Than rest of the things you need to follow as I mentioned in earlier postings.

Regards

N.Narayana Swamy

[Former Member]

Hi Swamy,

Everything is in Place as you suggested even that its not coming. There is tax code in setup & BP is also marked with 'P' as default. I am unable to understand the matter.

Regards,

Abhishek

Edited by: Rui Pereira on Apr 28, 2009 12:19 PM

[Former Member]

Hi Abhishek A ,

As I mentioned in my previous posting that you first need to post the value in on account field before choosing the WTax Code from the list.

The movement you post value in onaccount the WTax Code field will get activiated. Pls check this & it should work.

Regards

N.Narayana Swamy

[Former Member]

Hi swamy,

It is not getting activated .... Can u tell me the process in details.

Regards,

Abhishek

[Former Member]

Hi Abhishek A

It is possible to deduct Wtax amount in outgoing payment screen for on account payment. Before you procede to outgoing screen please ensure that you have configured TDS details for that particular vendor. Also ensure that your TDS add on is connected.

If the above prerequisites are accurate/in place, than post the value in on account and system will enable you to choose Wtax from the Wtax Code which is extreme right side on the outgoing screen. Choose appropriate tax code, and system catpures the TDS amount accordingly.

About rounding off you can do the same when you are remitting the deducted TDS to govt. dept. and not at the time of deductions

Regards

N.Narayana Swamy

Edited by: N. Narayana Swamy on Sep 10, 2008 7:15 AM

[Former Member]

Hi Swamy,

Thanks for the prompt reply but I am not able to do that transaction as said by you. The Wtax cell in Outgoing payment coming out to be unchangable (gray out). So, is any of the setting is missing, please let me know. According to me, I have completed all of the settings except concession masters.

Regards,

Abhishek

Edited by: Abhishek A on Sep 10, 2008 8:28 AM

Edited by: Abhishek A on Sep 10, 2008 8:29 AM

[former_member708266]

Dear,

For deducting the with holding tax, First you have to define some withholding tax codes with the percentages of the amount.

For creating the with holding codes

go to

Administration>Setup>Financials>Tax>WithHolding Tax>

There a create tax code

Now Go to A/P Invoice. Select a vendor and change Itrem/service type to Service

Then give the details of g/l and make WTax Liable to yes. There you can set the with holding tax code that was created. Based on that you can see the Wtax amount in the footer of the form..

When you make the payment to particular vendor it automatically creates ledger entry for with holding tax also..

PS. Go to Admin > Setup > Financials > GL A/C Determination > under Purchase tab, again under Tax tab, tick the option for WT to see WT for vendor BP.

Regards,

Apple

[Former Member]

Hi Apple,

My question is related to TDS process when I give 'Payment on Account' which means I am paying Vendor without A/P Invoice in the form of Advance. So, is it possible to deduct TDS in Outgoing payment window.

My another query, is it possible to round off the WTax amount automatically?

Regards,

Abhishek

Edited by: Abhishek A on Sep 10, 2008 6:17 AM