Difference between revisions of "Withholding Tax"

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(Withholding Tax Entries)
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==Withholding Tax Entries==
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Available in:
===Withholding Tax Payable (AP)===
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''Menu : [Purchase | Purchase Invoice...]'' or [Supplier | Supplier Invoice...]
''[Supplier | Supplier Payment...]''
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''Menu : [Purchase | Cash Purchase...]'' or [Supplier | Supplier Invoice...]
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''Menu : [Purchase | Purchase Debit Note...]'' or [Supplier | Supplier Debit Note...]
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''Menu : [Purchase | Purchase Returned ...]'' or [Supplier | Supplier Credit Note...]
 
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:1. Create new '''Supplier Payment'''.
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==Withholding Tax Entry==
:2. Select the '''Supplier Code'''.
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:1. In'''Purchase Invoice''', insert the following columns:
:3. Select the Payment by: '''WITHHOLDING TAX'''.
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* WH Local Tax Amt
:4. Enter the Paid Amount: '''110,000.00 (eg. the withholding tax amount 10% of supplier invoice value)'''.
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* WH Tax
:5. Knock-off the supplier invoice.
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* WH Tax Rate
:[[File: WTH-Tax_05.jpg| 500PX]]
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:[[File: WTH-Tax_10a.jpg| 300PX]]
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:2. Select the Withholding Tax Code in '''WH Tax''' column.
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:[[File: WTH-Tax_10b.jpg| 500PX]]
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:3. System will auto post the withholding tax double entry. Press '''CTRL + O''' to check the double entry.  
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:[[File: WTH-Tax_10b.jpg| 500PX]]
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Revision as of 03:36, 6 June 2020

Initial Setup

Withholding Tax Account

Menu : GL | Maintain Account...

GL Account Description Remark
460-XXX WITHHOLDING TAX PAYABLE Under Current Liabilities
990-XXX WITHHOLDING TAX EXPENSE Under Expenses
NOTE: 
GL Account not compulsory to follow. 


Available in: Menu : [Purchase | Purchase Invoice...] or [Supplier | Supplier Invoice...] Menu : [Purchase | Cash Purchase...] or [Supplier | Supplier Invoice...] Menu : [Purchase | Purchase Debit Note...] or [Supplier | Supplier Debit Note...] Menu : [Purchase | Purchase Returned ...] or [Supplier | Supplier Credit Note...]

Withholding Tax Entry

1. InPurchase Invoice, insert the following columns:
  • WH Local Tax Amt
  • WH Tax
  • WH Tax Rate


300PX
2. Select the Withholding Tax Code in WH Tax column.
500PX
3. System will auto post the withholding tax double entry. Press CTRL + O to check the double entry.
:500PX



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.
500PX


6. You can check the ledger report for Withholding Tax balance.


See also