need help in tax posting

[Former Member]

Hi, I have created a PO in which

base amount = Rs.100/- which i need to pay to vendor

tax 4% = Rs.4/- to tax account.(not to pay to vendor)

final posting should be:

During GR:

Stock Account = Rs.100/- (Debit)

GR/IR Account = Rs.100/- (Credit)

During Invoice Simulation:

GR/IR Account = Rs.100/- (Debit)

Vendor Account=Rs.100/- (Credit)

Stock Account = Rs.4/- (Debit)

Tax Account = Rs.4/- (Credit)

to have the posting in the above said way,, how to define the GL account postings,

as I have define Stock Account - BSX - 240000 GL A/c

GR/IR clearing Account - WRX - 240001 GL A/c

Tax Account - VB1 - 160000 GL A/c

I hope during assignment of GL account to tax account key VB1 --- whether i need to assign Debit - 240000(BSX) and Credit - 160000(VB1),, when i am trying to do the same system is giving a message that 240000 is already assigned to BSX. so how to over come this,,, plz help me

regards,

urendra

[Former Member]

Hi,

you have already defined 240000 a/c ofr BSX key. now try posting a document and check

Regards

[Former Member]

Hi,

after all the settings,

During Invoice Simulation I use to get:

Vendor Account = Rs. 104/-(credit)

GR/IR account = Rs.100/- (debit)

Tax Account = Rs. 4/- (debit)

whereas i want the invoice simulation should be in the following way, is it possible then how?

During Invoice Simulation:

GR/IR Account = Rs.100/- (Debit)

Vendor Account=Rs.100/- (Credit)

Stock Account = Rs.4/- (Debit)

Tax Account = Rs.4/- (Credit)

regards

urendra

[Former Member]

Hi,

Was your required entry is correct..? get it validated first..to my knowledge the vendor account shud get credited for the goods and tax on goods, which you are liable to vendor. I am not understanding the pusrpose of crediting tax account for 4/-. correct me if I am wrong

Regards

[Former Member]

Hi,

in this case we have to pay the tax to the governement department not to the vendor,,, so we are only libale to pay the material cost to the vendor i.e Rs.100/- only and tax must pay to the governement department,

regards,

urendra

[Former Member]

Is this similar to TCS..tax collected at source..?