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visionpowersyste
Level 1

HOW TO ADD TCS (NEW TAX IMPLEMENTED FROM OCTOBER) IN PURCHASE BILLS

 
3 Comments 3
FritzF
Moderator

HOW TO ADD TCS (NEW TAX IMPLEMENTED FROM OCTOBER) IN PURCHASE BILLS

Welcome to the Community, @visionpowersyste.

 

Currently, the option to add Tax collected at Source (TCS) deduction in QuickBooks Online (QBO) is unavailable. In the meantime, I highly suggest consulting an accountant for guidance with other ways to enter the TCS in your account.

 

For now, I recommend visiting our Blog site. This is where we share recent happenings and future developments, such as updates to newly added features. Here's the link: https://quickbooks.intuit.com/blog/.

 

Also, consider checking out this that will give you information on how the TCS impacts GST and other related topics: How GST impacts QuickBooks users

 

To learn more about managing bills in QBO, please refer to this article: Enter and pay bills.

 

Please leave a comment below if you have any other questions or concerns, and I'll get back to you as quickly as possible. I'm more than willing to help. Have a great day!

RISHAB
Level 1

HOW TO ADD TCS (NEW TAX IMPLEMENTED FROM OCTOBER) IN PURCHASE BILLS

HOW TO ADD TCS ITS IMPLEMENTED IN OCTOBER AND QUICK BOOKS IS NOT UPDATED YET

 

Rose-A
Moderator

HOW TO ADD TCS (NEW TAX IMPLEMENTED FROM OCTOBER) IN PURCHASE BILLS

Allow me to provide some information regarding adding TCS in QuickBooks Online, RISHAB.

 

As referenced by my peer above, the option to add the TCS is currently unavailable in QuickBooks Online.

 

While this isn't supported, I suggest consulting an accountant. They can provide you other alternative ways on how to enter this tax in the system and how to adjust this in QuickBooks once you get this amount claim while paying GST.

 

You can go through this article to know more about how GST works in QuickBooks Online as well as links to help guide you in your future task: How GST impacts QuickBooks users.

 

In the meantime, I'd encourage you to visit our QuickBooks Blog site. This way you'll stay informed about the product updates as well as business tips from our accountants.

 

Ping me in if you have additional questions about QuickBooks. It's my priority that all of your concerns addressed. I value you and the success of your business. I'm only a few clicks away if you need me. Have a good one.