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TDS on Advance Payments [TDS] in Tally.ERP9

In case of Advances, payment (to the party) is made after deducting the applicable TDS.

Example: ABC Company made an advance payment of Rs.10,000 to Pheonix Agencies towards Advertisement Expenses, which will be adjusted against the bill of Rs.20000. TDS is deducted while making the payment.

Step 1: Create Bank Ledger

Go to Gateway of Tally > Accounts Info. > Ledgers > Create

  • Enter Canara Bank as the Ledger Name

  • Group it under Bank Accounts group

  • Under Mailing Details

  • In Address field enter the Bank Branch Address.

  • Select Karnataka in State field

  • Enter the PIN code

  • In A/c No. field enter the Account Number as 00758978

  • In Branch Name field, enter M.G.Road.

  • Enter the Bank’s BSR Code as 0240130. BSR Code is a 7 digit Number allotted by Reserve Bank of India (RBI) to Bank Branch.

  • Enter Rs. 50,00,000 in Opening Balance field

 
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  • Press Enter to Accept and save.

 

Step 2: Create Payment Voucher

To create a Payment Voucher

Go to Gateway of Tally > Accounting Vouchers > F5: Payment.

Set up

In F12: configure (Payment Configuration)

  • Ensure Use Single Entry mode for Pymt/Rcpt/Contra is set to Yes

  1. Press F2 and change the date to 24-04-2009.

  2. In Account field select Canara Bank.

  3. Under Particulars select Pheonix Agencies.

  4. Enter Rs.10,000 in the Amount field.

  5. In Bill-wise Details screen:

  • In Type of Ref field select Advance from method of Adj

  • Enter the Bill Name (Adv-001) in the Name field

  • Skip the Due Date, or Credit Days field.

  • Amount is defaulted to Rs. 10000.

 
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  1. Under Particulars select the Duty Ledger TDS – Contractors from the List of Ledger Accounts

  2. In TDS Details screen

  3. In Type of Ref field select New Ref

  4. In Name field accept the default Reference Number –Pymt / 1-1

  5. In Nature of Payment field select Payment to Contractors (Advertisement Contractors)

  6. TDS Duty Ledger, Assessable Amount and TDS Amount field details are defaulted automatically, based on the information provided in the voucher.

 
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  1. In the Amount field the TDS amount (Rs. 100) is displayed with negative sign.

  2. Enter Narration, if required.

 
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  1. Press Enter to accept and save.

Note: Advance payments can also be accounted in Double Entry mode.

 
 
 
 
Tally.ERP 9 Reference Manual LIBRARY
1.
Installation of Tally.ERP9
2.
Site Licensing of Tally.ERP9
3.
Shortcut Keys in Tally.ERP9
4.
Maintaining Company Data
5.
Creating Masters
5a. Accounts Information [Creating Masters]
5b. Inventory Information [Creating Masters]
6.
Voucher Entry
7.
Reports in Tally.ERP9
8.
Excise for Dealer
9.
Excise for Manufacturer
10.
Reports [ Excise for Manufacturer]
11.
Excise for Importer
12.
Service Tax in Tally.ERP9
13.
Tax Collected at Source (TCS) in Tally.ERP9
14.
Tax Deducted at Source (TDS) in Tally.ERP9
15.
Value Added Tax (VAT) in Tally.ERP9
16.
Central Sales Tax (CST) in Tally.ERP9
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
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