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TCS - wrong amount posting in accounts

former_member221515
Active Contributor
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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

1 ACCEPTED SOLUTION

Former Member
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Hi Deepak.,

Please make sure you have made all the settings according to the attachment of the note 1168591.

Regards,

Anushya S

10 REPLIES 10

former_member221515
Active Contributor
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Please help

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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

m_madhu
Active Contributor
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HI Deepark,

Please maintain the posting indicator 3 for w/tax code and also consider gross amount at w/tax type.

Regards

Madhu M

Former Member
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Hi Deepak.,

Please make sure you have made all the settings according to the attachment of the note 1168591.

Regards,

Anushya S

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I did all settings except one small settings (given in tax code). So only it was not calculated.

Now its calculating fine.

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Hi Deepak,

Can you share the same ?

Regards,

Kalpik Shah

Former Member
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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?

10001010200000018CHARAN DAS ENTERPRISES901.00INR**
100010103010000060Sale Revenue850.00-INRA2

1063000202VAT 5 % Payable42.50-INRA2

1063000007TAX  COLLECTION AT S8.93-INRZ1
100010103010000060Sale Revenue0.43INRZ1
100010101063000007TAX  COLLECTION AT S10.00INR
Z1
100010101063000070OFF SETTING TAX  COL10.00-INR
Z1

0 Kudos

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

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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

0 Kudos

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.