GST
Menu Path: Finance > Tax Components > Create a New Tax Component
- Enter the Component Code and Description
Menu Path: Sales Tab > Enter the Tax Rate and Select the Tax Account
Menu Path: Finance > Tax Components > Purchase
- Select the Tax Account
Tax Code
Menu Path: Finance > Tax Codes> Tax Code List > Menu > New or Click (+) sign or use the ‘Insert’ key on the keyboard to create a new Tax Code
Menu Path: Enter the Tax Code, Description and select the Tax Components to be added for this code click on the ‘Add’ button, and Save
If there are 2 Tax Components, then for 2nd component Tax Bases click the option button> it will open the “Tax on Tax” screen (Select Line item Sales)
TDS
Menu Path: Products > Create Service Product
Menu Path: Products > Master > Products > Create Service Product > Cost Tab
- Accounting Group Preferences > Select Specify Accounts
- Click on the option, it will open an accounts screen > In Expense Account – Select Liability Account (TDS Payable)
Menu Path: Products > Create Service Product > Cost Tab
- Accounting Group Preferences > Select Specify Accounts
- Click on the option, it will open an accounts screen > In Sales- Select Asset Account (TDS Receivable)
