Difference between revisions of "Withholding Tax"

Revision as of 07:12, 25 March 2020

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

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 Payable (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.

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.

See also

• Cash Book Entry
• Customer Payment
• Supplier Payment
• Print Ledger Report
• Account Inquiry