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mohan-yprk
Level 1

I am purchasing the goods with one of my supplier, who is charging the TCS@1% on the invoice. so how can i enter into thos tcs values in my purchase billing?

 
1 Comment 1
AlexV
QuickBooks Team

I am purchasing the goods with one of my supplier, who is charging the TCS@1% on the invoice. so how can i enter into thos tcs values in my purchase billing?

Thanks for reaching out to us, mohan-yprk.

 

Currently, TCS isn't supported in QuickBooks Online but I have a workaround I'd like to share.

 

We can manually track it by creating a custom tax rate. Please follow these steps:

  1. Go to Taxes and click the Add tax button. 
  2. Choose Tax rate, then enter a tax name and description.
  3. Select the agency for the tax rate and check the Purchases box. 
  4. Enter a rate, then choose the account where you want to map it. 
  5. Click Save

 

Once done, you can assign it to the goods you purchased. Here's how:

  1. From the Sales/Invoicing menu, choose Products and Services.
  2. Find the goods/products, then click Edit.
  3. Make sure to check the Purchasing information box.
  4. Under the Purchase tax drop-down, choose the custom rate you created. 
  5. Click Save and close.

 

In addition, I suggest consulting your accountant to see if they have a different way of handling TCS to make sure you're compliant with the TCS regulations. 

 

Please visit our Help Articles page. From there, you can check different articles and references in managing your business with QuickBooks Online.

 

Need more help? Keep your posts coming and we'll respond as soon as we can.