Dear ADDA Treasurers, apartment billing software
The Expense Tracker (part of Premium PRO & Premium LITE Accounting packages) just got a tremendous face lift.
Here are the differences you will see. There is a new tab called “By Vendor”.
1. Entry of Invoices is done “by Vendor” now. Every invoice posting will have to be made against a Vendor. This interface is similar to Income Tracker where invoices are posted against a Flat/Villa. The outstanding amount due for each vendor will now show up on this screen.
Please note : all your past Invoices will be available under the Vendor “Unassigned”.
2. Similarly Payments are also be entered “by Vendor”. This means multiple Invoices of the same Vendor can be paid off using a single Cheque payment or you can also do part payment for each of these invoices.
3. The Invoice entry now captures more fields such as: Invoice Number, Due Date, Invoice Amount Breakup (taxes), Payee Detail etc.
4. Automatic posting of Input Service Tax and TDS will happen now. While entering the Invoice, enter the Gross Invoice Amount (including the Service Tax), the service tax percentage that has been applied, and the TDS rate. The screen will calculate what is the Amount Payable to the vendor and also post relevant entries under Input Service Tax and TDS Accounts.
5. TDS Deducted shows up against the vendor -Govt. of India. Every month you can check the outstandings against this Vendor and make the TDS remittances. The TDS remitted can be entered as “Payment” made to GoI.
6. In Bank & Cash Application, query section there is a new column called “Taxes”. Here you can query on the invoice postings that have been made under various Tax Heads.
7. Vendor Information can now be added and edited from the Expense Tracker screens itself. Also you can now capture all the Billing information and any relevant details pertaining to a vendor.
8. Two New Expense Reports. This release also carries two useful reports – Outstanding Expense Payables – By Vendor and Outstanding Expense Payables – By Expense Head.
YOUR NEXT STEPS
1. Add all the regular Vendors.
Admin Dashboard > Maintenance Contacts.
Provide Unique Vendor IDs, which will help you group Vendors. Also fill in as much details you have on these vendors like Billing Details, Tax information etc.
Vendor-ID : Vendor Name
HSKPG-01 : Great Housekeepers & Co.
SCRTY-02 : Grey Cat Commandos
2. Start posting the new Invoices & Payments against these Vendors.
Q1. Will TDS rate be applied on the Invoice Amount excluding Service Tax, or on the Gross Invoice Amount – i.e., including Service Tax?
Ans: TDS will be deducted for the Gross Invoice Amount – i.e., including Service Tax.
Q2. Can I migrate old Invoices from the Unassigned Vendor.
Ans: No, this is not possible.
Q3. What is Input Service Tax?
Ans: The Service Tax you pay to the Vendor as part of his Invoice is Called Input Service Tax, since it is for Input Service – i.e., Service that comes to you.
Q4. Why is Input Service Tax being tracked at all?
Ans: This is useful in case your Association claims Service Tax Credits. This is applicable for Associations that also collect Service Tax from the Members. Please see this Post for the details.
Our team is on standby to answer any queries you might have.
Enjoy Accounting on ADDA!