FrontAccounting forum — Retaining Tax

Re: Retaining Tax

null@example.com (poncho1234) — Thu, 23 Apr 2015 13:54:41 +0000

Apmuthu, can you please expand on your reply, preferably with an example?

Re: Retaining Tax

null@example.com (apmuthu) — Wed, 08 Apr 2015 23:09:56 +0000

Try them in tandem with Recurring Invoices.

Re: Retaining Tax

null@example.com (poncho1234) — Wed, 08 Apr 2015 17:28:48 +0000

Hi apmuthu, sorry for my delay in replying, I have looked at the Tax Accrued (Payable) and Tax Paid accounts, and cannot see how I can use these accounts to retain 3.5% of a suppliers invoice as an initial tax payment which is paid monthly to the Tax Administrator(By Tax Administrator I mean the government)
Could you please expand on your reply.

Please note, my wife is the accountant, but she only speaks spanish.

Re: Retaining Tax

null@example.com (apmuthu) — Thu, 19 Mar 2015 15:36:31 +0000

Tax Accrued (Payable) and Tax Paid accounts are there for this reason.

Retaining Tax

null@example.com (poncho1234) — Tue, 17 Mar 2015 19:45:45 +0000

How can I setup FA so that tax is retained, both in the customer invoice, and the supplier invoice?
I have read the wiki and searched the forum extensively

In Colombia, depending on a company's tax responsibility:

1. It is necessary for a customer to discount my invoice to them by 3.5% as an initial tax payment which is paid monthly to the Tax Administrator
2. It is necessary for me to retain 3.5% of a suppliers invoice as an initial tax payment which is paid monthly to the Tax Administrator

How can I do this in FA and show this in the GL?

What I have tried.

Allowing negative tax rates would achieve this, is this possible?
Using the customer / supplier discount functions would also achieve this, but prevent me from using these functions for their correct purpose.
From what I understand the quick entries function would do this for the supplier, but I do not know how to set this up for the above settings? Can someone please show me?
Also from my understanding of quick entries, they cannot be used for customer invoices?

Any help would be appreciated