HOW TO ENABLE WITHHOLDING TAX CODES
In the system, it has a list of Withholding Tax Codes available already but not all of these are active to be used in the Transactions.
How to Enable a Withholding Tax Code
In Navigation Pane, Withholding Tax Module > WTax Codes
Select the W/Tax Code to be Enabled
For Example, this WTAX Code ‘WC 120’ will be used, then fill necessary fields;
- Is Active: ticked to be tagged as Active
- Payable Account: The W/Tax Payable Account in COA
- Creditable Account: The W/Tax Creditable Account in COA
NOTE:
- Both Payable Account and Creditable Account is not required, especially if the W/Tax Code will be just use either in Purchases or Sales. Thus, in the sample above, WC 120 will be just used in Purchases only.
- Also, the WTax should have an assigned account before using it in the transaction for the system can classify which account will it be posted.
Was this article helpful?
That’s Great!
Thank you for your feedback
Sorry! We couldn't be helpful
Thank you for your feedback
Feedback sent
We appreciate your effort and will try to fix the article