16 March 2011
Kindly advice on the following situations
Month end provisions are made based on the jobs completed relating to advertising etc and being credited to outstanding expenses on an adhoc basis. Party account not credited either due to non receipt of bills and unavailability of complete data. In such situation what would be the TDS formalities to be followed. How TDS can be deducted without the information about the correct vendor dues etc.,
16 March 2011
In this case you should use the reversing journal voucher. If this option is not available in your software then simply reverse the month end entry on the next day. Complete accounting entry and TDS can booked on actual receipt of bills. You can not use this practice on year end and you have to arrange the correct amount and supporting bills.
CAclubindia
