Yes, I am customizing it myself as per the need. I am making this procedure as the part of customer and supplier payment so that we will not need any separate journal entry to record these taxes.
Currently, I am working on it to finalize it.
1 08/08/2015 02:59:24 pm
Re: Withholding tax deducted (13 replies, posted in FA Modifications)
2 07/31/2015 06:18:56 pm
Re: Withholding tax deducted (13 replies, posted in FA Modifications)
Hi,
I am from Pakistan where companies have to withhold the tax from payments. If I am a withholding agent then I have to deduct the withholding tax from the payment before giving to the service vendor.
For achieving this, I created the special % withholding GL account and recorded the amount while making the entries for supplier payment.
Same but inversely I am making when withholding tax got deducted from my payment by my client. I just record the customer payment with withholding tax deducted by customer for closing the invoice and when my customer give me the paid challan, I balance the witholding account with reference of that paid tax challan.
It makes all receivables balanced and nothing remains in customer balance. I have customized the Front Accounting for it for myself.