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Former Member
Feb 06, 2012 at 06:35 AM

Interest payout amount should show after deducting the Tax amount.

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Hi TRM Gurus ,

We are having a Loan transaction (managed from Money market in TRM) for

which we have to pay TDS on interest to the bank. So for this purpose

we had mapped a flow which was entered in the transaction under the other

flows tab. On the interest pay out day the entries passed from TRM now are:

1) Interest payout:

Interest a/c Dr 100

To Bank a/c 100

2 ) TDS deduction on above interest:

Interest a/c Dr 10

To TDS on Interest 10

Bur what we are expecting is, system to pass below entries i.e.

A) Interest Payout: Interest should show after deducting the TDS amount.

Interest A/c Dr 90 (100 Interest -10 TDS)

Cr. Bank A/c 90

B) TDS deduction:

Interest A/c Dr 10

Cr. TDS A/c 10

If the above entries are not possible then pass the One Single entry as mentioned below:

Interest a/c Dr 100

TDS cr` 10

Bank cr 90

Please let me know whether it is possible or not in TRM? If it is possible then please let me know what steps I need to perform inorder to resolve this issue.

Thanks in advance.....

Regards,

Surya

Edited by: pasuri on Feb 6, 2012 8:28 AM