Dear Friends,
I have one query about the accounting entries for Quarterly interest capitalization of FD product 51A.
Here , we are investing in an FD.
Config of derived flow for TDS is as follows:-
The flows for 30.03.2015 for interest cap and TDS on it are as follows:-
Interest Capitalization:-
Dr. FD with bank
Cr. Interest on FD
TDS:-
Dr. Treasury Clearing Account (eventually hits bank account)
Cr. TDS receivable.
But for TDS, the entries should be other way round (reverse), right???
I am using standard Configurations, still I am getting reverse entries for TDS on quarterly interest capitalization.
Entries for TDS should be as follows na?
Dr. TDS receivable
Cr. Treasury Clearing Account
Regards,
Rohan