Overview
The Receivable WHT Transactions are auto-created when the Receivable Transactions are created for a Customer Company record with an associated WHT Tax Class.
These records can be accessed either via the Receivable Transactions related list or via the Receivable WHT Transactions list views.
Navigation
Accounts Receivable > Receivable WHT Transactions
Processing
Once Receivable Transactions are posted for Customers that have Withholding Tax Class on the associated Customer Company record, then the Receivable WHT Transactions are created.
A button labeled WHT Detail is available on the Receivable Transactions for these Customers, whether the session is posted or not.
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IMPORTANT The checkbox 'WHT Transaction' is editable when the Session is not posted. If this checkbox is set to false, no Receivable WHT Transactions will be created once the session is posted.
When the session is posted, an adjustment Receivable Transaction and the associated Receivable WHT Transactions will be created if the existing Receivable Transaction has the 'WHT Transaction' set to true on the WHT Detail button.
The Adjustment Receivable Transactions are created via the 'Create WHT Adjustment' button available under the WHT Detail button. If an adjustment amount is provided on the field 'Adjustment Amount' and the button 'Create WHT Adjustment' is clicked, an adjustment type Receivable Transaction and Receivable WHT Transaction are created.
- The Receivable Transaction created as a result of the adjustment can be identified by the checkbox 'WHT Adjustment Transaction', which will be set to true.
- The Receivable WHT Transaction created as a result of the adjustment can be identified by the checkbox 'This is an Adjustment Transaction' which will be set to true.
- A link to the adjustment Receivable Transaction and adjustment Receivable WHT Transaction is available on the existing Receivable Transactions related list.
NOTE The Adjustment amounts cannot exceed either
The remaining transaction amount less previous adjustments
OR
The WHT Amount plus any previous adjustments
On the Receivable WHT Transaction page, click on the Edit button to edit the following fields:
- WHT Certificate
- Refund Claimed
- Year Refund Claimed
The ‘Associated CR/DR Memo for Adjustments’ is a lookup to the adjustment Receivable Transaction
Fields
Name: Randomly generated a unique identifier for each transaction.
Company: The financial company associated with this transaction.
Invoice Date: The date of the invoice generation.
WHT Class: The WHT Tax class set on the associated financial Customer Company record.
WHT Percentage: The WHT percentage reported for the transaction.
Invoice Amount (includes WHT): This is the total invoice amount due from the customer including the WHT amount.
WHT Amount: The WHT amount reported for the transaction.
WHT Asset Account: The WHT asset GL account that is associated with this transaction.
Receivable Transaction: The Receivable Transaction record associated with this transaction.
Associated CR / DR Memo for Adjustment: When a WHT adjustment is made, the DR / CR Memo transaction associated with the adjustment is displayed.
Refund Claimed: Checkbox to indicate if the WHT refund has been claimed from the revenue authority. This is user defined.
Refund Reference: A user defined reference to be entered when claiming the WHT refund.
Year Refund Claimed: The Year claimed for the transaction.
WHT Certificate: The WHT certificate number (per the WHT certificate received) associated with this transaction. This is entered by the user.
Date Tax Withheld (user defined): The date the certificate was issued (as shown on the WHT certificate received from the Customer). User-defined field.
Customer Company: The Customer Company record associated with this transaction.
This is an Adjustment Transaction: When checked indicates that the transaction was a WHT adjustment transaction.
WHT Transaction ID: An auto number generated for the associated WHT transaction.
Transaction Post Date: The posting date of the WHT transaction.
SEE ALSO
