There is need to be Two Different withholding tax accounts in the name of “Withholding Income Tax” & “Withholding Sales Tax”. In my country there are two differerent kind of Tax charged & withholding is made on both kind of taxes which is not possible in this manager accounting software.
This topic may be helpful Withholding VAT withheld
Hey, I am very well aware of that.
The problem is. In Pakistan there’s 2 different tax concepts. 1 is direct tax (income tax) and 2nd is indirect tax (general sales tax = just like VAT) and withholding is made on both taxes separately. In manager we have only one withholding field which doesn’t separate income tax or sales tax… for this in Pakistan, we require two separate withholding fields
Imo a clean general solution would be to define multiple component taxcodes as a set of single component taxcodes as described here Tax Withholding Percentage - #27 by Patch
Then two existing withholding tax codes could be combined and applied to line item or invoice as described here Added withholding tax support for purchase invoices - #26 by Patch
Either way, we need to find a way to correctly support this. Added to
one way can be that like manager have withholding amount or percentages. Manager also can incorporate the same into every taxable line items that how much amount or percentage of specific line item’s tax is withholded.
It will be very appreciated if we can change One withholding amount default name (Withholding Tax to Withholding security Advances)
@Mahfuzur_Rahman, that would apply only to your jurisdiction.
I found other users talking about security advances to suppliers. So, I think It’s not only in my jurisdiction. Maybe, many accountants are looking for the feature.
I think far more users and jurisdictions use Witholding Tax. If anything I did not know the terminology of “…Withholding security Advances…” and when Googling it got a wide variety of hits not telling me much while Googling Witholding tax straight went into the tax and accounting realm.
We need the two options. Withholding Tax and Withholding security Advance.
How many withholding taxes do you have on the asset side and how many on liability side of the balance sheet? For a withholding security advance how is this transaction treated on the debit & credit side?
withholding tax and withholding security advance both are on the liability side.
withholding tax payable to the Tax authority.
withholding security advance payable to the same supplier after a period of time.
How about withholding security advances, do you have a receivables account if your clients withhold from you?
Lubos as already added this thread to the ideas, committing to enabling more than on withholding tax authority. What an individual user or jurisdiction chooses to call the account is not significant. Manager provides account naming flexibility in every other context, I’m not sure why anyone imagines local naming would not be supported when multiple withholding account support is added in the future.