An option provided to enable DEDUCT WITHOLDING TAX for , for sales invoice but
not possible for expenses.[interest paid} I have tried, by including negative sign, but under summary, shows negative
how to go about it
An option provided to enable DEDUCT WITHOLDING TAX for , for sales invoice but
not possible for expenses.[interest paid} I have tried, by including negative sign, but under summary, shows negative
how to go about it
these are explained for both sales and purchases in the guide Account for withholding tax on sales invoices | Manager
Thank you very much for the reply,
My query is How to enable check box symbol, for DEDUCT WITHHOLDING TAX, on expense entry
ths
what exactly do you mean by expense entry? Expense Claim? selecting expense account on a Payment? selecting expense account in a Sales Invoice?
please use the exact terms as available in Manager when discussing on the forum to avoid confusion and better understand the issue.
if you are asking about Expense Claims, then the procedure is same as purchase invoice explained in the guide.
Details follows
How to ACCOMMODATE these transactions in MANAGER SOFTWARE
THANKS
Lets see if we understand your situation correctly. You pay the loan provider interest of 100 per month and you are required to deduct income tax of 20 per month, therefore your payment to the loan provider would be 80, if yes, then the payment transaction would look like this:
The Summary would have this:
Then you would make a payment of 20 to the tax authority which would clear the withholding account.
At first I thank you very much for the suggestion made
Kindly share your idea pls
I already have, as to how Manager currently works.
The entire withholding tax scheme is for taxes withheld by customers, and therefore not paid to you. The situation you describe is exactly the opposite and does not apply. You would simply pay less against a suitably structured incoming sales invoice, which you would enter as a purchase invoice.