Booking Rent expense with TDS
In our daily accounting, we do lot of accrual expenses i.e.rent, salary etc.. How do we do it in AccountingGuru? AccountingGuru made it so easy. Let us see how we do a rent expense in AccountingGuru.
Go to Accounting -> Expenses -> New Accrual Expense
The following screen appears when you do the above
Just feed in the following
Click on “Create”
When it is created successfully, it says “Created Accrual expense successfully”
When we make a payment of Rent, salary etc.. we deduct 10% TDS from the actual rent and pay the balance to the Owner or Employee. In this case, Rent is Rs.10000.00 and the TDS amount would be 10% of the rent is Rs.1000.00. Let us see how do we do it in AccountingGuru.
Click on “New Tds Payable”
When you click on “New Tds Payable” the below screen appears
To create a TDS section Click on “Create New TDS Section” as shown below
When you click on “Create New TDS Section”, a pop-up window opens. Feed in the Section as shown below and click on “Create”
New TDS section is created.Type in your comments and ref no.
Click on the check box to select it.
Feed in the %. TDS is 10%. When you feed in the percentage, it automatically calculates the actual amount of TDS
Click on “Approve”
On successful creation, the follow screen appears and says “TDS payable created successfully”
Click on “ Back to Accrual Expenses ”
The below screen appears
When you want to make the payment, click on “Make Payment”
The below screen appears.
Ø Select the date
Ø Payment Mode
Ø Transaction number if you have anything
Ø Comments i.e, cheque number, bank name etc…
Ø Confirm the check box is selected
Ø Click on “Create”
On Successful creation, below screen appears and says “ Payment created successfully”