Accounting JV in Tally

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This discussion addresses how to handle a situation in Tally where a customer deducts TDS and GST from a payment, resulting in a lower amount received than the invoice value. It provides a step-by-step guide on creating necessary ledgers and outlines the specific accounting entry to record the transaction accurately in Tally, ensuring both TDS and GST components are properly accounted for.

Santosh

Santosh (Querist)
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04 November 2020 Hi,

Can anybody help me on the below:

We have supplied material to customer for rs 103530.00 (98600+4930 GST)and bill has been raised for the same. Whereas the customer has transfered rs 99388.00 after deducting TDS and also GST @2% (i,e 2071.00 TDS & 2071.00 GST). pls help me how to account this in Tally. Also how it should be corrected in GST.

Please suggest me for this....

Santosh

Santosh (Querist)
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04 November 2020 Pls help me on this...

Aashok Kumar Sharma online

Aashok Kumar Sharma

(Expert)
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06 July 2024 Accounting Entry in Tally

Assuming the transaction involves sales of goods and TDS deduction:

1. Create Ledger Accounts (if not already created):
• Create a Sales Ledger for the sales amount (e.g., Sales - Goods).
• Create a TDS Ledger for TDS deducted by the customer (e.g., TDS Receivable).
• Create a GST Ledger for the GST amount (e.g., GST Receivable).
2. Accounting Entry:
• Debit: Customer Account (Receivable) - ₹99,388.00
• Credit: Sales - Goods Account - ₹98,600.00 (for net sales amount)
• Credit: TDS Receivable Account - ₹2,071.00 (for TDS deducted)
• Credit: GST Receivable Account - ₹2,071.00 (for GST deducted)
This entry records the gross amount received from the customer and separates out the TDS and GST components.

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