11 May 2022
GOOD MORNING SIR/MADAM, IN OUR COMPANY ELECTRONIC CASH LEDGER TDS AMOUNT 2000/- CREDITED SOME OTHER PARTY IN FILING OF GSTR-3B IGST AMOUNT AUTOMATICALLY ADJUSTED 810/- AND REMAING AMOUNT 1190/- SHOWING IN ELECTRONIC CASH LEDGER PLEASE HELP ME HOW TO I PASS THESE TRANSACTION ENTRIES IN TALLY.
06 July 2024
To record the transactions related to Electronic Cash Ledger adjustments and TDS credit in Tally, follow these steps:
### Step 1: Record TDS Credited to Another Party Assuming the TDS amount of ₹2,000 was credited to another party (let's call them Party B):
1. **Create a Ledger for Party B (if not already created):** - Go to `Gateway of Tally` > `Accounts Info` > `Ledgers` > `Create`. - Enter the name as "Party B" under the appropriate group (like Sundry Creditors or Parties).
2. **Record TDS Credit Entry:** - Go to `Gateway of Tally` > `Accounting Vouchers` > `F5: Payment`. - Debit Party B's Ledger: ₹2,000 - Credit TDS Ledger (under Duties & Taxes): ₹2,000
This entry records the transfer of TDS amount to Party B.
### Step 2: Record IGST Adjustment and Remaining Balance
1. **IGST Adjustment:** - Assuming IGST adjustment of ₹810 was automatically adjusted: - Debit IGST Ledger: ₹810 - Credit Electronic Cash Ledger (under Current Assets): ₹810
This entry adjusts IGST automatically adjusted from Electronic Cash Ledger.
2. **Remaining Balance in Electronic Cash Ledger:** - Assuming ₹1,190 remains in the Electronic Cash Ledger: - Debit Electronic Cash Ledger (under Current Assets): ₹1,190 - Credit Bank Ledger or any other appropriate account (like Current Liabilities if it's a liability to be adjusted later).
### Example Entries in Tally: Here’s how your entries might look in Tally:
#### TDS Credited to Party B: ``` Date Particulars Debit Credit ----------------------------------------------------------------- DD-MM-YYYY Party B 2,000 TDS (under Duties & Taxes) 2,000 ```
#### Remaining Balance in Electronic Cash Ledger: ``` Date Particulars Debit Credit ----------------------------------------------------------------- DD-MM-YYYY Electronic Cash Ledger 1,190 Bank Account (or appropriate) 1,190 ```
### Notes: - Ensure you use the appropriate ledger accounts in Tally based on your chart of accounts. - The exact names and groups of ledger accounts may vary based on your specific Tally configuration. - If unsure, consult with your accountant or Tally expert to ensure compliance with accounting standards and regulatory requirements.
By following these steps, you'll accurately record the adjustments related to TDS credit and Electronic Cash Ledger in Tally. Adjustments ensure your financial records reflect the correct balances and comply with tax and accounting regulations.
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