> On Jan 16, 2024, at 05:41, Paras Desai <desaipa...@outlook.com> wrote:
>
> Hello,
>
> Greetings!
>
> I was trying to post the Dividend income from a Mutual Fund through Stock
> Assist. But I encountered an issue. I am narrating my issue as below.
>
> When I receive the dividend, 10 % of TCS (Tax Collected at Source) is
> deducted and deposited to the Tax authority on my behalf and the remaining
> amount is paid to me. Such Tax deducted and deposited to Tax authority is My
> Tax credit and in my books of account it should reflect as Assets (Tax Credit)
>
> So my posting should look like this
>
> Dividend : Rs 1000 Cr (Income Account : Income from Dividend)
>
> Cash : Rs 900 Dr (Asset Account : My Bank)
>
> Tax deducted : Rs100 Dr (Asset Account : Tax Credit)
>
> There is no expense involved in the transaction.
>
> Now, when I try to post this transaction through Stock Assist, It offers me
> two options
>
> 1. Either I show the difference between the Dividend and Cash (which is Tax
> deducted) as expense, or I capitalize. There is no option to post the
> difference as tax credit in Assets account.
>
> AS a result, I need to post the transaction, with manual split, but in that
> case, I'm afraid I can not show return in form of dividend income for the
> Mutual Fund Account in portfolio report.
>
> Has anyone come across such a typical situation ?
That's not a scenario that's coded into the stock assistant so you'll have to
enter it manually. Since dividend payments are presumably periodic it sounds
like a good candidate for a scheduled transaction.
Regards,
John Ralls
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