How to Implement TCS settings in Unisolve

How to Implement TCS settings in Unisolve

                                                                                                                                


How to Implement/Update for TCS in Unisolve

TCS on Sale of Goods: Effective from 01.10.2020, IT Act section 206C (1H) imposes the responsibility of collection of TCS on every person whose total sales, gross receipts, or turnover during the preceding financial year (i.e Fin Year 2019-20) is more than Rs.10 Cr.  Such a person is liable to collect TCS @ 0.1% on the amount exceeding Rs.50L during the financial year in respect of the sale of goods made to a buyer. However, in Non-PAN/Aadhaar cases the TCS rate shall be 1% as against 0.1% mentioned above. (Please note that TCS Rate is been reduced to 0.075% for the period from 01.10.2020 to 31.03.2021 due to the COVID-19 pandemic).

Eligibility

·         Receipt of Sale consideration against goods above Rs. 50 lakh from the buyer during the year &

·         Turnover of Rs. 10 Crores and above of seller during FY 2019-20 and onwards

Effective from: 1 October 2020

 (All the above matter regarding TCS picks through multiple websites. SWIL is not liable for its accuracy).

In this article, we have explained to you How to implement & calculate TCS when applicable in Receipt/Sales/Purchase in Unisolve.

Please update your software to the latest version 16.3 or later:

https://support.swildesk.com/portal/en/kb/articles/how-to-download-new-patch-for-unisolve-cross

Step1: Enter TCS parameters in TCS registration window in Utility menu:

Company Name & Station & Software Reg. No.: Displayed automatically.

Password: If you are liable to charge TCS and want auto calculation of TCS in sales invoice and/or want to auto-create debit note for receipts, you need this password to register this option. It will run till 31st Dec with a blank password. It is a chargeable option and you can connect with your service provider for the same. Please keep this password blank & press on the OK button, then It asks for Today’s Password. You can see Today’s Password details in the following article:

https://support.swildesk.com/portal/en/kb/articles/how-to-find-out-today-s-password

Apply TCS: To enable auto calculation of TCS, set it yes. You should create Debit Note for TCS as per your Receipts, from the Sales->Receipts menu.

Charge TCS in Invoice: To enable this option, first set the previous option Apply TCS as Yes, When you enable this option, then software auto calculate & charge TCS in Sales/Purchase Transaction. This entry is generated in the billing heads option which can be seen by pressing Ctrl-K in the relevant transaction.

Applicable From: Please mention TCS Applicable Date & TCS Rates. By default, the software takes 1.10.2020 as Date, 0.075 Rate in With PAN Option & 1.00 in without PAN Option.

Revised Date From Please mention TCS Revised Date & By default software takes 1.04.2021 as Revised Date, 0.100 Rate in With PAN Option & 1.00 in without PAN Option.

On Sales/Receipt Exceeding Amount: By Default, the software takes 50 Lacs in this column.

TCS Collection A/c: By Default, software auto-generate a new Account name with “TCSCOL” code. In this Account software auto-posted your TCS Collection amount in sales invoice or debit note created based on receipts.

TCS Paid A/c: By Default, software auto-generate a new Account name with the “TCSPAY” code. In this Account software, auto-posted your TCS Payment amount in the purchase invoice.

After that when you press OK to save this window then software asks Today’s Password. (Please check Today’s password article to know about Today’s password, else call to our local Distributor/Dealer). Screen as per below:




After update the new patch software auto-enabled “TCS Applicable” in all Accounts in Accounts-> Master Data menu. Please enter PAN or Aadhar No. in these accounts. Screen as per:



We have provided 2 different options to charge TCS. In this article, we have explained to you both options for how to implement TCS in Unisolve. Details as per the following:


First Option: (Make Debit Note through Receipt Entry)


SWIL preferred this option, In this the option you have done your all working like: (Receipt/Sales/Purchase) as per regular basis, when you received Receipt amount more than 50 Lacs, then the software provides you a new option “Create TCS Debit Note” in Sales-> Receipt menu. This option is work when you enable only “Apply TCS” in the time of TCS Registration.

When you make any Customer’s Receipt more than 50 Lacs then create Debit Note through this option. Select Date Range & press OK then software opens a new window with Client Name, Receipt No., Receipt Date, Receipt Amount, TCS Applicable Amount, TCS Rate & TCS Amount. When you press OK in this screen then software auto-generate a Debit Note voucher in Accounts-> Transaction -> Voucher menu. Screen as per below:

Sales-> Receipt-> “Create TCS Debit Note”:






Accounts-> Transactions-> Voucher: “Debit Note”



After that system showing TCS Debit Note enter in Party’s Account Statement. Screen as per below:

 



Second Option: (Charged TCS through Sales Transaction Entry)



In this option when you make Sales Invoice, then the software will auto charge TCS amount in Sales Invoice as per given % in TCS Collection when any Customer’s Sales is more than 50 Lacs. In that time Software shows a message for TCS Amount & make an entry for TCS Collection under the Billing Head option. The software adds TCS Amount in this Invoice & Post-Bill Amount+TCS Amount in Customer’s Ledger. Screen as per below: 



Billing Head option: you can check through “Ctrl+K” key in Sales/Purchase Transactions. In this option, you can see an entry for TCS. Screen as per below:


Same Billing Head (Ctrl+K) option provides you in Purchase/Sales Debit Note (Supplementary Invoice) & Purchase Credit Note (Supplementary Invoice) menu.


When you purchase more than 50 Lacs through any vendor then the system auto shows the TCS Adjustment amount at the time of saving Purchase Invoice. Screen as per below:

 

After that software shows a message & asked to update this TCS amount in Billing Head (CTRL+K) under the TCSPAY account without selecting any Tax Code. You can enter it manually. Screen as per below:



After that, now you can able to check TCS Collection & TCS Payment A/c through Account Statement. For TCS Return, you can check details using the account statement option for TCSPAY and TCSCOL accounts. Screen as per below:



Now enjoy working of TCS in Unisolve Software.

For more details, Please submit a support request at https://swildesk.com./



If you require support, please read: How to get online support (Guide & Video)


https://support.swildesk.com/portal/en/kb/articles/how-to-get-online-support


Thanks


SWIL Team




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