The Tax Deducted at Source (TDS) add-on in Sage Intacct enables tax deductions at a fixed percentage before releasing payments to recipients. In our previous blog post, we covered the process of TDS deduction on accounts payable bills. So in this blog we will see the TDS deduction on AP Advance transactions.
New Stuff:- GSTR2 Report in Sage Intacct
TDS on AP Advances: –
Navigate to Tax Deducted at Source Tax Advances Click on New TDS Advance link
The Fields marked in Red are all mandatory for creation of New TDS Advance Entry.
We have also added Additional Required Dimensions fields in case the Account ID selected has any required Dimension checked for the Accounts given below.
- Department
- Project
- Employee
- Class
- Item
In the above screenshot the AP Advance ID is blank before TDS Advance Creation. After creating this TDS Advance entry, the journal entry for AP Advance and GL Journal Entry will be auto-created for this TDS Advance.
Also, when the GL Journal Entry is auto created the TDS Posted flag on TDS Advance UI gets checked.
In case user wants to apply this Advance to an AP Bill, then user can create an AP Bill with same Vendor and select the Reference TDS Advance No. in the TDS Advance Number field and the TDS for that transaction will be deducted accordingly.
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