Can anyone recommend the best workflow to record Sales Invoices issued by e-commerce operators such as Amazon, Flipkart etc? And consequently accounting for the GST-TCS and TDS deducted by them before transferring payments to our bank account.
Please consider the following example:
Currently, I’m recording a Sales Invoice with a total of ₹336.00 (Row 1-4)
A Purchase Invoice is recorded for ₹106.58 (Row 8-11)
The payment receipt is recorded for ₹223.73 (Row 12)
How do I account for the TCS and TDS (Row 5-7)?
Is a Journal entry the best way to do it?
Or is there a better way? A journal entry for each transaction will be too slow and painful.
Any help is appreciated.