When it comes to TDS deducted for employees, it is usually part of the salary. At present QuickBooks Online India version does not support Payroll and hence you will have to use the journal entry route to enter salary and TDS details paid/deducted for an employee. Please have the accounting entries listed below verified by your accountant. You would need to calculate the amounts for payroll components manually and then post them as journal entry. Before you can enter a pay-cheque, here is a sample list of accounts which need to be created in QuickBooks:
Account Name Type
Basic Pay Expense
Dearness Allowance Expense
Medical Allowance Expense
(This account might already be there in your Chart of Accounts)
Payroll Liabilities Current Liabilities
So, the deductions on the pay-cheque would be added as Current Liabilities and payments as Expenses.
To book the details of the salary components in QuickBooks, follow the steps below:
When you actually make payments of the salary to your employees, follow the steps below:
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