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How to: Set Up Temporary Vendors and Customers

In Microsoft Dynamics NAV, you can set up one-time suppliers or customers so that you can deduct Tax Collected at Source (TCS) for the invoices without having to create vendor or customer cards.

A party is a temporary vendor from whom you must deduct the Tax Collected at Source (TCS). Because this is a one-time transaction, you do not have to create a vendor card. You must set up temporary vendors as one of the prerequisites to calculate TCS or Tax Deducted at Source (TDS). For more information, see How to: Set Up Tax Collected at Source or How to: Set Up Tax Deducted at Source.

The following procedure describes how to set up temporary vendors for TCS, but the same steps also apply to setting up temporary vendors for TDS.

To set up temporary vendors for tax collected at source

  1. In the Search box, enter Parties, and then choose the related link.

  2. On the Home tab, choose New.

  3. Fill in the fields as described in the following table.

    Field Description

    Code

    The unique TCS party code. You can enter a maximum of 10 alphanumeric characters. You can define the details of parties who are a one-time supplier of services and are not defined as regular vendors.

    Name

    The name of the party.

    Address

    Address line 1 for the party.

    Address 2

    Address line 2 for the party.

    State

    The state code of the party.

    Post Code

    The postal code of the party.

    P.A.N. No.

    The Permanent Account Number (PAN) of the party.

    P.A.N. Reference No.

    A unique reference number used to identify a party when the PAN has been applied for but is not yet available.

    P.A.N. Status

    The party's PAN status. You must define the PAN status when the PAN is not available.

  4. Choose the OK button.

See Also

Tasks

How to: Set Up Tax Deducted at Source
How to: Set Up Tax Collected at Source

Concepts

Income Tax Overview