Difference between revisions of "Withholding Tax"

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(Withholding Tax Entry)
(Withholding Tax Entry)
Line 26: Line 26:
==Withholding Tax Entry==
==Withholding Tax Entry==
:1. In '''Purchase Invoice''', insert the following columns:
:1. In '''Purchase Invoice''', insert the following columns:
* WH Local Tax Amt
::* WH Local Tax Amt
* WH Tax
::* WH Tax
* WH Tax Rate
::* WH Tax Rate
<br />
<br />
:[[File: WTH-Tax_10a.jpg| 300PX]]
:[[File: WTH-Tax_10a.jpg| 300PX]]

Revision as of 03:40, 6 June 2020

Initial Setup

Withholding Tax Account

Menu : GL | Maintain Account...

GL Account Description Remark
460-XXX WITHHOLDING TAX PAYABLE Under Current Liabilities
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. In Purchase Invoice, insert the following columns:
  • WH Local Tax Amt
  • WH Tax
  • WH Tax Rate

2. Select the Withholding Tax Code in WH Tax column.
3. System will auto post the withholding tax double entry. Press CTRL + O to check the double entry.
GL Description Local DR Local CR
Withholding Tax Expense XXX
Withholding Tax Payable XXX

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