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TDS Settlement with general journal

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Posted on by DP-21070618-0

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Hi All !!

As i am trying my hands on standard TDS settlement in D365 F&O using Tax > Declaration > WHT Tax > Withholding tax payment

This allows me to directly make my TDS / TCS liabilities to Tax authority vendor but without any visibility at all.

Is it recommended or even possible to settle the TDS payable liability using General journal (SS) by Debiting the the TDS Payable GL with TDS Section code (SS- 194Q).

and Crediting Bank account for direct payment.

Please be kind i am getting hold of Indian Localization any help will be much appreciated.

Thanks in advance.

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Aayush Tiwari 43 on at

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Hi

As you mentioned are two available options for posting payment entry of TDS.

Standard Functionality "Standard TDS settlement in D365 F&O using Tax > Declaration > WHT Tax > Withholding tax payment."

By JV Posting "General journal by Debiting the TDS Payable GL and Crediting Bank account for direct payment."

If you are going to use Standard Functionality it also caters the posting of accounting of TDS Payment additionally it provides us an option to also record this payment entry in withholding tax engine and allow us to update the challan details of TDS Payment.

Although there were some bugs in the Standard Functionality in previous versions for e.g. if you are using balancing dimension or multiple financial dimensions with derived dimension rules the posted accounting for Withholding tax payment is not as per posted transactions of TDS.

I would suggest a regressive testing in UAT before moving forward with the solution.

Regards

Aayush Tiwari

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DP-21070618-0 2 on at

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Hi Aayush !!

Thanks for the reply !!

What i showed to users was Liabilities under each section from: Tax > Inquiries and reports > Withholding tax inquiries > TDS/TCS Inquiry > Inquiries > Component total

And then I directly showed them the TDS Payment via Declaration and later went to: Tax > Indirect taxes > Withholding tax > Withholding tax settlement periods > WHT Tax Payment.

Which does not have the expected visibility or control at all for user and plus it directly posts the voucher to WHT tax authority vendor

to which they clearly denied and asked for alternative hence i am exploring the possibilities to address this with GJ.

Would you please let me know things wrong with my Declaration approach.
Please suggest otherwise if anything else can be done to resolve it.

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