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.
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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