04-23-2012 4:39 PM
Hi
We are trying to post accounting entry for TCS in case of scrap sale. However, while calculating TCS payable, its considering Basic amount and TCS offsetting account. Infact it should consider Basic and VAT payable. I am attaching condition type (for TCS and VAT) details. Also i am attaching WHT type.
Ex:
Customer: Rs.10000, VAT: Rs.500, TCS should be (105 - 1% of Basic + VAT)
Expected Entry:
Customer A/c.. Dr 10605
TCS offsetting: 105
To Scrap Sales: 10000
To VAT Payable: 500
To TCS offsetting: 105
To TCS Payable: 105
But actual entry:
Customer A/c.. Dr 10605
TCS offsetting: 101.05
To Scrap Sales: 10000
To VAT Payable: 500
To TCS offsetting: 105
To TCS Payable: 101.05 (i.e. 1% of 10000 + 105)
Please help
05-02-2012 10:45 AM
Hi Deepak.,
Please make sure you have made all the settings according to the attachment of the note 1168591.
Regards,
Anushya S
04-24-2012 9:14 AM
04-24-2012 11:59 AM
HI Friend
Could you please explain how you configure the TCS , is it through withholding tax. I am little bit confused with the screen shot attached with this
04-24-2012 11:24 AM
HI Deepark,
Please maintain the posting indicator 3 for w/tax code and also consider gross amount at w/tax type.
Regards
Madhu M
05-02-2012 10:45 AM
Hi Deepak.,
Please make sure you have made all the settings according to the attachment of the note 1168591.
Regards,
Anushya S
05-26-2012 8:33 AM
I did all settings except one small settings (given in tax code). So only it was not calculated.
Now its calculating fine.
06-15-2012 8:16 AM
Hi Deepak,
Can you share the same ?
Regards,
Kalpik Shah
07-06-2012 8:58 AM
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 |
07-06-2012 9:04 AM
Hi Rahul.,
Looks like rounding off is the issue here.
You can check the note :1618715 . and accordingly save the percentage subjected to tax and post a
complete new scenario and check.
Regards.
Anushya
07-06-2012 10:10 AM
Dear Anushya,
Thanks for the reply.I am SD consultant and a beginner.Can you please explain me how these accounting entry hits in GL accounts in TCS. SAP perspective and general perspective.
It will be a great Help
Thanks in Advance
Rahul
09-29-2012 8:31 AM
Hi Rahul
Please try this one, by asking your FI consultant to Assign the Tax related condition types of your pricing procedure in below path to exclude the reverse calculation of TCS.
Financila Accounting -> Global settings -> Extended Withholding tax -> Calculation -> withholding tax base amout - >Define processing key for modified net amount.
You can also use new 1739902 for considering debit/credit memo also which is not there earlier.
Regards
prakash.