When I withhold tax to a purchase invoice, the entry for that supplier is created under Withholding tax payable
I make a single payment to the tax authority every month. Can manager please automatically balance this out rather than have me key in 1 by 1 the tax paid per transaction.
You are not keying in amounts by transaction, but rather by supplier. Each supplier has a separate subaccount under Withholding tax payable, and each subacccount must be separately cleared.
Understood.
Since I make one bulk payment to the tax authorities every month, i would like to enter this payment and have it automatically balance out all the subaccounts. Is it possible to implement this feature ?
To be practical, the feature would have to be implemented at the first level drill-down on Withholding tax payable from the Summary page. I have put this into the ideas category.
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@kendirangu but you still need to specify to tax authority for whose suppliers you are paying the amount. So it’s appropriate for Manager to maintain sub-account for each supplier.
Perhaps this could be solved by adding new report that could summarize the balances as at certain date, then having New Payment button that could prefill everything.
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That is what I was envisioning, @lubos, except I thought the New Payment button might go on the drill-down page, skipping the report. The report seems like a good idea, though. This could be implemented much like the Copy to New Receipt/Payment function on the unpaid invoices versions of customer and supplier statements.
I also think the current workflow is best. And yes, a report to summarize WHT balances for payment would be great.
We are using the withholding taxes features seamlessly in Kenya. We can help you set up.