Initial Setup
Create Withholding Tax Account
[GL | Maintain Account...]
- Create the following GL Account under Current Liability.
GL Account Description Special Type WTH-Tax Withholding Tax Bank Account
Withholding Document Number Set
[Tools | Maintain Document Number...]
- 1. Create the following document number set for Withholding Tax.
Descripion Document Type Format WITHHOLDING TAX Payment Voucher WTHPV-%.5d WITHHOLDING TAX Official Receipt WTHOR-%.5d
- 2. Next, Go to Tools | Maintain Payment Method...
- 3. Edit the WITHHOLDING TAX.
- 4. Set OR and PV number Set to WITHHOLDING TAX. Click Save.
Withholding Tax Entries
Withholding Tax (AP)
[Supplier | Supplier Payment...]
- 1. Create new Supplier Payment.
- 2. Select the Supplier Code.
- 3. Select the Payment by: WITHHOLDING TAX.
- 4. Enter the Paid Amount: 110,000.00 (eg. the withholding tax amount 10% of supplier invoice value).
- 5. Knock-off the supplier invoice.
{===Withholding Tax (AR)===
[Customer | Customer Payment...]
- 1. Create new Customer Payment.
- 2. Select the Customer Code.
- 3. Select the Received In: WITHHOLDING TAX.
- 4. Enter the Paid Amount: 2,560.00 (eg. the Withholding tax amount 10% of customer invoice value).
- 5. Knock-off the customer invoice.
}
Withholding Balance Report
[ GL | Print Ledger Report...]
[ Inquiry | Account Inquiry...]
- 1. Select Date Range.
- 2. Select Account: WTH-TAX
- 3. Click Apply.
Payment of Withholding Tax
[ GL | Cash Book Entry..]
- 1. Create new PV.
- 2. Enter Payee name.
- 3. Select Payment By: Bank Account
- 4. At detail grid, select GL Code: WTH-TAX
- 5. Enter the withholding tax amount to paid.
- 6. You can check the ledger report for Withholding Tax balance.
