TDS Receivable Entry

Logic ERP has added a new option in Cash receipts and Bank receipts that will enable you to pass a TDS Receivable account entry.

This tutorial will guide you to the process of passing a TDS Receivable account entry.

Step-1: Firstly, go to Setup New Account option to create a TDS Receivable A/c. Define account type as Current Assets. (Refer to the image below):

Step-2: Go to Cash/Bank Voucher Configuration and select Bank Receipts or Cash Receipts from the drop down list of configurations. A new option named ‘Default TDS Receivable A/c’ has been added in Other Options-1 tab. Select the account which you had created in Step-1. (Refer to the image below):

Now, TDS Receivable has also been added in the drop down list of ‘Amount Column As’. (Refer to the image below). You can choose either of the options as per your convenience. This tutorial will show both of the cases in further steps.

Go to Column Locks and tick TDS RECV ACT-UNLOCK to enable TDS Receivable A/c in Bank Receipts or Cash Receipts. (Refer to the image below):


The TDS Receivable A/c has been enabled.

Step-3: Go to Bank Receipts or Cash Receipts window to pass TDS Receivable account entry. A new column named ‘TDS Receivable’ has been added in Column Attributes. (Refer to the image below):

Now, let us do a TDS Receivable A/c entry.

For example, let us suppose that you have an outstanding receivable of Rs.12,000 from a customer out of which he has deducted Rs.2,000 towards TDS.

CASE-1: WHERE ‘AMOUNT COLUMN AS’ OPTION IS CHOSEN AS ‘INCLUDING TDS RECEIVABLE’. Rs.12,000 will be entered in the amount column and Rs.2,000 in the TDS Receivable column. (Refer to the image below):

Step-4: Lastly, create a Journal Report to see the effect of the entry.

Here, Bank account has been debited with Rs.10,000 (12,000-2,000) because customer has deducted Rs.2,000 towards TDS and customer account has been credited with Rs.12,000. (Refer to the image below):

CASE-2: WHERE ‘AMOUNT COLUMN AS’ OPTION IS CHOSEN AS ‘LESS TDS RECEIVABLE’. Rs.10,000 will be entered in the amount column and Rs.2,000 in the TDS Receivable column. (Refer to the image below):

Create a Journal Report to see the effect of the entry.

Here, Bank account has been debited with Rs.10,000 as entered by us and Customer account has been credited with Rs.12,000 because there was an outstanding receivable of Rs.12,000. (Refer to the image below):

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