Applying Tax Deducted at Source (TDS) advances on invoices refers to the practice of deducting tax from a payment before it is made to the supplier or service provider, based on the applicable TDS rates. In our previous blog for Sage Intacct , we discussed the process of TDS deduction on Accounts Payable Advances. In this blog, we will focus on TDS deduction for AP Bills by applying the advance transactions.
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User needs to create an AP Advance transactions. Once the transaction is posted a unique Record Number is generated by the System. This Record Number auto-flows into the AP Advance ID field on TDS Advance UI
Now for applying this Advance to an AP Bill, user needs to create an AP Bill with same Vendor and select the Reference TDS Advance No. in the TDS Advance Number field.
In this case when AP Advance is applied on AP Bill, Override TDS checkbox will get auto-check and Actual TDS Base amount will be calculated by the difference between AP Bill Amount and AP Advance Amount.
Thus TDS can be calculated for AP Bills by applying the Advances.
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