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Nov 25, 2020 at 07:42 AM

Amendment to Section 206C(IH) TCS-G/L accounts

50 Views Last edit Nov 25, 2020 at 08:31 AM 2 rev

Hi Guys,

I have implemented TCS configuration according to SAP recommended notes,

but i am having doubt of how to create G/L account for TCS intermediate, TCS final

TCS intermediate-it should be P&L account or balance sheet account

for customer it is liability and for vendor it is asset.

TCS final-it should be P&L account or balance sheet account

for customer it is liability and for vendor it is asset.

SAP recommended follow deferred tax method ,that is is the reason I am getting confused how to create G/L accounts.

Interim or Intermediate G/L: To which TCS will be posted when you post billing doc/FB70 invoice

cr customer

dr cogs

dr cgst

dr sgst

dr tcs intermediate(it should be balance sheet or P/L account)

Actual or Final G/L: To which TCS will be transferred on running RFUMSV50 after payment receipt

cr tcs intermediate

dr tcs final(it should be Balance Sheet or P/L account)