Requirement:
Cashgrail needs TDS calculation in vendor prepayments. Check how we can use TDS calculations in the vendor prepayment, as per India localization suit tax.
Solution: The standard TDS Calculation does not support Bill Credit and Vendor Prepayment.
Custom Solution:
- For a Vendor Prepayment, add a new transaction field called “TDS Calculation” to confirm the TDS% calculation.
- This new field is checked as a default for all vendor prepayment records.
- If the TDS calculation is not required, uncheck the field.
- The payment amount will be automatically updated by applying the TDS% from the vendor record after creating the vendor prepayment record.
Formula: [Payment Amount – (Payment Amount*TDS%)]
Assumption:
At the time of Prepayment, there should be an option to deduct TDS once we have created the record.
Risk:
- The standard TDS calculation provided by Netsuite will only be applied to the vendor bill transaction.
- The Custom Solution won’t have an impact on tax-related reports.