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https://help.tallysolutions.com/docs/te9rel49/Tax_Deducted_at_Source/Adjusting_Advances_against_the_Bill.htm

Adjusting Advances against the Bill

 

To create Journal Voucher

Go to Gateway of Tally > Accounting Vouchers > F7: Journal

  1. Press F2 and change the date to 26-04-2009.

  2. In Debit field select Advertisement Expenses from the List of Ledger Accounts.

  3. Enter 20,000 in the Amount field.

  4. In TDS Nature of Payment Details screen, accept the default details.

  5. In the Credit field select Phoenix Agencies and press Enter.

  6. In the TDS Details screen

  7. In Type of Ref field select Agst Ref from the Method of Adjustment.

  8. In Name field select the Pymt/1-1 to be adjusted, from the Pending Tax Bills.

  9. Based on the Tax Bill selected, the details in the Nature of Payment, TDS Duty Ledger, Assessable Amount and Payable Amount field will be defaulted automatically.

  10. In Type of Ref field select New Ref.

  11. In the Name field accept the default TDS reference number – Jrnl / 5-2.

  12. In Nature of Payment field select Payments to Contractors (Advertisement Contractors) from the List of Nature of Pymt(s).

  13. Select TDS – Contractors in the TDS Duty Ledger field.

  14. In the Assessable Amount field, the amount as specified against the expenses ledger will be defaulted.

  15. Set Deduct now field to Yes.

  16. TDS Amount field displays the Tax Deducted at Source.

  17. Payable Amount field displays the amount (after TDS) payable to the Party.

 

  1. Payable Amount as calculated in the TDS Details screen will be defaulted in the Party’s Amount (Credit) field.

  2. In Bill-wise Details screen:

  3. Select Agst Ref in Type of Ref field, to adjust the Advance against the Bill amount.

  4. In the Name field select Adv-001 from the Pending Bills.

  5. In Amount field, accept the amount allocation of Rs.10,000.

  6. Select New Ref as the Type of Ref.

  7. In the Name field enter the Bill name as Bill-050.

  8. Skip the Due Date or Credit Days field.

  9. Accept the default amount allocation and Dr/Cr. By default Tally.ERP 9 displays the Balance Bill amount [20000- Advance (10000)] in the amount field as the credit balance.

  10. Select New Ref as the Type of Ref.

  11. In the Name field enter the Bill name as Bill-050.

  12. Skip the Due Date or Credit Days field.

  13. Accept the default amount allocation and Dr/Cr. By default Tally.ERP 9 displays the Tax Amount of Rs. 100 in the amount field as the debit balance.

 

  1. In the Credit field select TDS – Contractor from the List of Ledger Accounts.

  2. In the Amount field, Rs. 100 [Bill amount (20,000) – Pending Amount (19,900)] is displayed automatically.

  3. Enter Narration, if required.

  1. Press Enter to accept and save.

 

 

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