Hi all. This post is the continuation for TCS Management in Saral Accounts and Billing software.
To implement the New TCS section with recent amendments, follow the below steps:
Go to Show/Hide under Tools and select Tax Master. Save the selection.
Next, go to Tax Master under Master and select Tax Type as Tax Collected at Source.
Click on the 3 doted (…) button next to Main Class to create the main class. In this window, enter the New TCS section name as the Main class, Tax type, Tax Rate applicable, Section Code, and Threshold limit Per Bill and Per Annum. After entering all the details, save, and exit.
Now, select the created Main Class, and enter the Effective From and To date for the section. Select the Tax Ledger from the dropdown.
Note: The tax ledger can be edited or created on pressing F9. The tax ledger has to be created under the Statutory Dues group. Make sure to enable Tax Type and select Tax Collected at Source for Tax Type in the Tax Details tab. After editing/creating, save the ledger and exit.
After all the details entry, save the Tax Master changes and exit.
Now, let us see the generation of invoice and application of TCS
Go to Sales Invoice/Purchase Invoice under Inventory. Here, enter the Date of the invoice, select the Customer/Supplier ledger, and enter the item details with quantity and rate. If TCS is enabled for the selected item and party, then TCS will be auto calculated.
Save and print the invoice.
To view the related reports
Go to Views under Inventory and click on Transaction Register. In the various types of registers, select Sales Invoice/Purchase Invoice.
Here, select the required period and all the transactions for the selected period will be displayed.
Click on Show Options and enable TCS to view each item wise TCS amount.
Also, you can go to Accounts Books under Accounts and select Sales Day Book (Alt+7)/Purchase Day Book (Alt+8).
Here, select the required period. Select View type as Columnar View to view bill wise TCS amount column.
This completes TCS management in Saral Accounts and Billing software.