Overview
The Withholding Tax (WHT) Class is used to specify the WHT rates, GL Account to be used and WHT policy to be applied to various transactions.
Navigation
Accounts Payable > Withholding Tax Class
Any number of WHT classes may be created for each of the various WHT rates applicable for the company.
Fields
Company: This defaults to the company that the user is currently using.
WHT Class: The name of the WHT class (for e.g Advertising 7%, Rent 5%, etc).
Description: A brief description of the WHT class (for e.g. "Advertising WHT").
Liability Account: The WHT General Ledger account to be used. Make sure that the WHT GL account has previously been set up as this is a GL account picklist field.
Asset Account: The WHT General Ledger account to be used on Receivable Transaction Distributions when using the Withholding Tax Class on Receivable Transactions.
WHT Percentage: Percentage to be used to calculate the Withholding Tax.
Deduct Discount Before Tax Calculation: When checked, the discount is deducted from the payment amount before the Withholding Tax is calculated.
SEE ALSO
