Withholding Tax

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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. 


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.
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