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Collections Report

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ADHIP KUMAR MISRA

ACCOUNTS MANAGER

150 Points Posted on 14 August 2023

I need to give a collections report vis-a-vis the sales during a financial year. There has been many invoices raised by us on our clients which are consultancy services invoices , on which our client deducted TDS before paying to us. Some invoices are goods trading invoices which do not involve any TDS. But all are B2B GST invoices. Now when I am computing the collections for the FY, should I consider the actual net amt paid by the clients ? Or should I consider the gross amount of collection which does not take into account the TDS deducted ? Please advise.

Replies (3)

Quick Summary

This discussion addresses how to accurately report collections for a financial year, particularly when clients deduct Tax Deducted at Source (TDS) from payments for consultancy services. The core question is whether to report the net amount received after TDS or the gross invoice amount. The advice suggests that if TDS cannot be easily segregated, one approach is to calculate the TDS amount deducted and match it to the relevant bills, then report the remaining balance as collected.

sabyasachi mukherjee

Profession

19978 Points Posted on 14 August 2023

Ok understood

ADHIP KUMAR MISRA

ACCOUNTS MANAGER

150 Points Posted on 15 August 2023

I need a reply to my query please.

RAJA P M

"Do the Right Thing...!!!"

77792 Points Posted on 16 August 2023

It's not possible to segregate by Yourself if advice not received from Party.

But,
You can adjust as per agewise bills or
Calculate the TDS amount (which is deducted in payment) and match the bills which applies TDS.
After that you get sales bill payment on balance amount....