Setup TCS Type

YouTube: How to Setup TCS on Sale in LOGIC ERP Software?

Setting Up Setup TCS Types in LOGIC ERP

In this tutorial, we will guide you through the process of entering TCS details and calculating TCS while recording a Sale in Logic ERP.

Creating a TCS Account

• If you want to learn more about TCS account creation, click here Learn More.

Setup TCS Types:

• Navigate to the Main Menu and then Expand "Setup".

• Select "Setup Accounts" and then Click on "Setup TCS Types".

• Define the Detail as mentioned Below:

  • TCS Type Name: Specify the TCS name (e.g., TCS 0.1%).

  • TCS Act Name for Sale: Select the ledger account created earlier.

  • TCS Percentage: Enter the applicable TCS percentage as per government regulations (0.1%).

  • TCS Section: Define the relevant TCS section (e.g., MCA - 206(1H)).

  • TCS Effective Date: Specify the date from which TCS becomes applicable.

  • TCS Transaction Start Date: Define the commencement date for TCS transactions.

  • TCS Effective After: Set the criteria for TCS applicability.

  • TCS Posting Field for Sale: Assign the TCS posting field (e.g., Handling).

  • TCS Act Name for Receipt: Select the ledger account for TCS on receipts.

  • TCS Applicable On: Choose Sale Only from the dropdown.

  • TCS Limit Calculation: Set the calculation method as "Value as per document nature".

This picture illustrates how you can set up a TCS account.

Allocating Accounts to TCS Types

• If you want to learn more about Allocation Accounts to TDS Types, click here Learn More.