ELECTRONIC CASH LEDGER ENTRY IN TALLY

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ammaji rajulapati (Querist)
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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.

Asha Kanta Sharma

Asha Kanta Sharma

(Expert)
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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
```

#### IGST Adjustment:
```
Date Particulars Debit Credit
-----------------------------------------------------------------
DD-MM-YYYY IGST (under Duties & Taxes) 810
Electronic Cash Ledger 810
```

#### 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.