Where are the accounts derived from on TDS standard invoice to tax authority?
Hello,
I have a question on how accounting is derived for the SI to the tax authority.
In "Oracle Financials for India (OFI) Goods & Services Tax (GST) White Paper on Accounting", it says that TDS SI creates the following entries:
Dr. TDS liability Clearing a/c
Cr. To Income Tax authority Liability a/c
Question: Where are the above accounts derived from?
In our instance, we have account 1511 set up as Liability in the TDS Tax Type form. And account 4598 is set up as Liability in the Tax Authority setup in the Suppliers page. However, accounting for the TDS invoice shows 4598 for both debit and credit account for the TDS invoice to the authority.