Hi userprateek-goel! The Tax Collected at Source (TCS) is currently unsupported in QuickBooks Online. However, I have a workaround you can use so let me share it with you. We have an option to create a custom tax rate. Let's utilize it to set up your TCS.Click Taxes on the left menu, then click on Add Tax.On the pop-up, choose Custom Tax.Enter the details required. Then, make sure to select the Tax collected on Sales box. Tap Save. You can now select it when recording sales transactions. Another way to set up the TCS is to add a new product item. Here's how:From the Sales menu, select Products and Services.Click the New button and choose Non-Inventory or Service.Enter Sales Tax name in the Name and Description fields and leave the Sales price/rate field blank.In the Income account field, choose a liability account that you'll use to track the TCS.Make sure the Is taxable box is unchecked, tap Save and close. Once done, you can add this item to the invoice and manually enter the TCS amount. Please note that with this method, you won't be able to pay this tax through the tax center. To record a payment, just create a check. Also, go to your Chart of Accounts and review the liability account to see the tax owed. You also want to reach out to your accountant to see if they have a different way on how to enter TCS in QuickBooks Online. For more tax-related articles, visit this link: Tax for QBO. Keep on posting here if you need more of my help. Stay safe!

Question

How can we add TCS in Sales Invoice?

Forum|Forum|5 years ago
April 9, 2021
3 replies
1 view

No text available

QuickBooks Online - India

AlexV

Level 10

Hi userprateek-goel!

The Tax Collected at Source (TCS) is currently unsupported in QuickBooks Online. However, I have a workaround you can use so let me share it with you.

We have an option to create a custom tax rate. Let's utilize it to set up your TCS.

Click Taxes on the left menu, then click on Add Tax.
On the pop-up, choose Custom Tax.
Enter the details required. Then, make sure to select the Tax collected on Sales box.
Tap Save.

You can now select it when recording sales transactions. Another way to set up the TCS is to add a new product item. Here's how:

From the Sales menu, select Products and Services.
Click the New button and choose Non-Inventory or Service.
Enter Sales Tax name in the Name and Description fields and leave the Sales price/rate field blank.
In the Income account field, choose a liability account that you'll use to track the TCS.
Make sure the Is taxable box is unchecked, tap Save and close.

Once done, you can add this item to the invoice and manually enter the TCS amount. Please note that with this method, you won't be able to pay this tax through the tax center. To record a payment, just create a check. Also, go to your Chart of Accounts and review the liability account to see the tax owed.

You also want to reach out to your accountant to see if they have a different way on how to enter TCS in QuickBooks Online. For more tax-related articles, visit this link: Tax for QBO.