2024-06-25

Define TDS Year Information in Accounts Payable?

Define TDS Year Information in Accounts Payable

We can use TDS India localization functionality only after TDS year is defined. Once defined it cannot be updated. TDS Year defines the start and end dates of the financial year, as well as the option of rounding off invoices and credit memos issued by the system.

Payable allows us to round off invoice amounts to the closest rupee (Zero) or nearest ten rupees, depending on the TDS year definition choice we choose.

We  should  open  new  financial  year  only when  all  transactions  are  completed  and certificates are generated for the current year

It is the basis for numbering TDS certificates and determining threshold limitations under the Income Tax Act.

TDS PERIOD
TDS Period

In order to  define new financial year-

•    Select TAN number & Organization. The financial year information currently defined is displayed.

•    Choose ‘New Financial Year’ button. A new row is inserted with start date of new financial year based on end date of the latest financial year defined.

•   Enter financial year name and end date and save the record.

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PAYMENT TERMS

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AGING PERIODS

TAXES

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