EAP: Voucher Post Does Not Create Accounting Entries For India SERV Tax & CESS (Doc ID 1950742.1)

Last updated on MARCH 09, 2017

Applies to:

PeopleSoft Enterprise FIN Payables - Version 9.2 and later
Information in this document applies to any platform.

Goal

Configured the Excise tax components as Service tax, Education Cess 1 and Education Cess 2. Voucher post created correctly for voucher taxes. Customer is requesting that that the system create 3 separate accounting entries for each tax for reporting. How can we configure the system so that voucher post would create the below accounting entries?

Voucher post should create separate GL accounts for each tax. Currently voucher post will create the one entry for all three taxes 1,401.86.

Expense

Tax Type Tax Component Code Basis Amount Tax Percent Tax Amount
Service Tax 54,441.00 2.50% 1,361.03
Education Cess 1 54,441.00 2% 27.22
 Education Cess 2 54,441.00 1% 13.61
  Service Tax Amount 1,401.86
 

Solution

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