00:00Hello friends, welcome to my channel. I am Prerna Salmadvi and today we are going to see
00:08how to use TCS Adjustment Journal. If you have made a mistake while passing the TCS
00:18entry and now you want to rectify it, then you can correct it through this TCS Adjustment
00:25Journal. TCS Adjustment Journal, which can bring changes in the posted entry. So, what
00:40you have to do is, you have to select the batch name. You can see these lines below.
00:46And here is a field, Transaction Number. So, here is a field, Transaction Number. Now, you have to click it.
00:59As soon as you click, you will see the entries. So, check the invoice entry in this and you can activate that invoice entry.
01:13But there is an error here. TCS Adjustment Journal must have a value in Source Code Setup. So, how can we solve this error?
01:22Source Code Setup. You have to go to this and here you will get the TCS Adjustment Journal option.
01:37Here you select TCS Adjustment Journal. As soon as you select, your error will be solved here. Then click on Transaction Number.
01:48Select the wrong invoice entry that you want to rectify. And document type, Invoice, Document Number.
01:59If you have entered the number series, then you can check that if the number series is here, then you will get it.
02:06And if you haven't entered it, then you can check the number series.
02:10As you can see, the number series is here. Now, if you have made the number series by using TCS Adjustment,
02:18then you can make the number series by using TDS and TCS Adjustment. If not, you can also make the number series.
02:26So, what we have to do is, we have to create a new TCS Adjustment because this one is made for TDS.
02:40So, we will not replace it, we will make a new one. Click on New, TCS Adjustment.
02:47Now, you can write here.
02:49You can default the number series and you have to go inside it.
03:14You can create the number series like this.
03:43Next, you have to pick the default number and then you have to click on OK.
04:01So, this automatic number series will come.
04:03If you want to keep the header number series separate and the posting number series separate,
04:08then you can make a new number series, PTCS Posted Tax Collected at Source Adjustment.
04:17But I am keeping the same, this number will be printed.
04:20Now, as I selected the invoice from the transaction number, this invoice, the details of this have come on the screen.
04:35We delete the first line because the document number series was not coming in it.
04:45Now, the document number series is coming.
04:47Now, what we will do is, we will take the document type and what we have to check is,
04:55let's say the amount was wrongly detected.
05:00The amount of TCS is shown here, Collected 10.
05:08So, in this, whatever happened in the transaction, like what was the account number, you can check everything.
05:17So, in this way, the customer and the GL, the GL that was used, TCS Payable, you can check all this.
05:28Now, we have to see how we can edit it.
05:33You can reverse the TCS entry of any post, you can cancel it.
05:39You have to click and take that entry, which was the wrong post, which we have to reverse.
05:47After this, while selecting, you have to check all the details.
05:54Now, like in this transaction, its base amount was 1000, 1% TCS is applied, the amount is 10 rupees, Collected 10.
06:08And scroll a little more, you will see the customer's number, customer's name, all these details.
06:18And you can also check the TCS Payable, and whatever section will be there, all those things, and this amount field, you will get 0.
06:31Now, to reverse, if 10 rupees were collected, then we have to reverse 10 rupees again.
06:42So, to reverse the collected rupees, what you have to do here is, you have to hit the backspace once, and tap.
06:54As soon as you hit the backspace and tap, this field will be updated.
07:00Earlier, it was showing 0 here, now it is showing minus 10.
07:04So, in this way, it has been updated, now you have to post it.
07:10So, your entry will be reversed, it will be adjusted, it will be plus or minus, it will be 0.
07:20And you can check this in the page of TCS entries.
07:34TCS
07:46Here, you have to check the invoice, this one.
07:52See, invoice, customer's number, TCS base amount 0, whatever was charged has become 0.
08:07This is the customer's number.
08:11The amount column is 0.
08:15This is the amount column, this is the amount column.
08:20The percentage is standard, it is coming from the rates chart, but the amount is 0.
08:26The amount that you will get, that amount is all 0, plus or minus, it has been adjusted.
08:34So, you will not see any value in the amount.
08:40And this field, adjusted, you will see a tick.
08:47This field will be updated if any transaction is adjusted using TCS Adjustment Journal.
08:55This has been ticked.
08:57And the invoice amount was less.
09:01So, all these will be adjusted and you will see 0, 0.
09:05So, in this way, it will be completely reversed.
09:10So, in this way, you can reverse it.
09:12Try reversing it.
09:14Thanks for watching.
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