I have received interest income and payment after TDS deduction. How do I record this in Zoho ERP?

Let’s say you’ve received an interest income of ₹1,000. Your bank has deposited ₹900 after deducting ₹100 as TDS. To record this in Zoho ERP, you need to create an account to track the interest income and create a manual journal for the transaction.

To create an account to track the interest income:

• Go to the Accounting module in the left sidebar.
• Switch to Chart of Accounts tab in the modular bar.
• Click + New Account in the top right corner of the page.
• On the Create Account page:
• Enter a suitable Account Name. For example, say Interest Income.
• Select Income as account type from the Account Type dropdown.
• Enter the Account Code and provide a short Description for the account if required.
• Click Save.

Now, you need to create a manual journal to record the interest income. Here’s how:

To create a manual journal:

• Go to Accountant on the left sidebar and select Manual Journals.
• Click + New Journal in the top right corner.
• Fill in the required details.
• Click Save and Publish.

For the example mentioned above, the journal entry should be as follows:

• Credit the interest amount (₹1,000) and associate it with the Interest Income account (the account in which you are tracking the interest income).
• Debit the TDS deducted (₹100) and associate it with the TDS account (the account in which you are tracking the TDS).
• Debit the amount after TDS deduction (₹900) and associate it with the bank account.