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Level 1

I have to Enter a bill where an E-Commerce portal has raised a commission invoice on me and on the same invoice deducted TCS on the sales done through them. How to Enter?

We sell our products through an E-Commerce portal. They have collected the payment on our behalf and paid us deducting Commission and TCS. I need to enter the Bill showing the TCS deducted amount and that I have received the full amount for the said Invoice raised by me.
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Moderator

I have to Enter a bill where an E-Commerce portal has raised a commission invoice on me and on the same invoice deducted TCS on the sales done through them. How to Enter?

Welcome to QuickBooks Community, info1178.

 

Tax collected at Source or TCS is calculated based from the Sales value or (Scrap Value + GST). In QuickBooks Online (QBO), TCS is not automatically calculated. Instead, you can add a line item for its calculation where you can manually enter the calculated TCS deduction on the bill.

 

To create an item, please follow the steps below:

 

  1. Go to the Sales menu and select the Products and services tab.
  2. Select New. Choose Non-inventory or Service.
  3. Fill in the information needed. Then, click Save and Close.

I've got you this article for additional information about adding product and service items to QBO: Add product and service items to QuickBooks Online.

 

Once done, you can now apply the TCS deduction item on your Bill:

 

  1. Go to the +New icon.
  2. Under Suppliers, choose Purchase Bill.
  3. Under Item details, apply the TCS item and enter the amount in the field provided.
  4. Click Save and close.

While the option for automatic calculation of TCS deduction on bills in not yet available, I encourage you to visit out QuickBooks Blog. Updates and latest feature will be posted and shared there.

 

If you have other questions, just let me know. I'm always happy to assist you further. Have a great day ahead.

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Level 1

I have to Enter a bill where an E-Commerce portal has raised a commission invoice on me and on the same invoice deducted TCS on the sales done through them. How to Enter?

Hi

 

Thanks for your reply. Please see the attached Bill that I need to enter in Quickbooks.

 

In the method mentioned by you, if I take it as a line item.  How Will it affect the total GST Calculations?

 

As we will get this amount Claim while paying GST. How to Adjust in Quickbooks?



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QuickBooks Team

I have to Enter a bill where an E-Commerce portal has raised a commission invoice on me and on the same invoice deducted TCS on the sales done through them. How to Enter?

Hi there, info1178.

 

Thank you for coming back here to the QuickBooks Community. I appreciate you for providing a screenshot about the issue so I can provide further details.

 

Since the TCS is manually entered in QuickBooks as a line item, this will not affect the total GST Calculations. This is because the TCS will post right away on what account you've selected when you record the Purchase bill.

 

While TCS is currently not supported with QuickBooks for the deduction, I suggest consulting an accountant. They can provide you other alternative ways on how to enter this TCS in the system. And, how to adjust this in QuickBooks once you get this amount claim while paying GST.

 

Please check this article to see different information about QuickBooks for GST and how this affects for QuickBooks users: How GST impacts QuickBooks users.

 

Please know that you're always welcome to post if you have any other concerns. Wishing you and your business continued success.