Download Oracle Financials for India User Guide

Settlement Date can be entered only upto sysdate-1 i.e. yesterday's date. A settlement
cannot be carried out on current date as there can be some transactions carried out in
current date after settlement, which will then remain pending in the system.
The Process button will be active only when the Net Balance Amount (Payable amount)
is shown Negative. If the Credits are more than the Debits and there is no payment due,
then you cannot process a settlement. In such cases the Process button will appear
disabled.
Note: When the TCS Settlement process is carried on the TCS
repository, feeding any new data to the repository will result in data
inconsistency. TCS Settlement carried out once cannot be reversed.
Clicking Process will invoke a concurrent of Localization Payables Open Interface
Import (Payables Open Interface Import), which will create an AP Invoice on the TCS
authority selected.
Validate and Pay AP Invoice
Login with Payables responsibility and validate and pay the AP invoice in Oracle
Payables.
Updating Payment Additional Information
To update payment additional information, navigate to India Local Receivables > India
TCS/VAT/Service Tax > Period End > Additional Payment Information.
Note: Clicking New will let you enter details for new Payment to be
made. Find let's you search for existing payment details.
Field Description
Type
Action
Description
Header information
Tax Authority Type
Display
This needs to be set to
'India TCS Authority'
for TCS settlement.
Tax Authority
Display
The Vendor name
which was used for
making the TCS
Challan at time of
TCS Settlement.
India Local Receivables 5-9