Joan Callaghan (Customer) asked a question.
How do you account for withholding tax deducted?
How do you account for withholding tax deducted?
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Joan Callaghan (Customer) asked a question.
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Enter it as an Office Receipt onto the invoice. Once you've entered the amount and payment type you'll have the option to change the bank account it's being deposited to from your default office account to "Withholding Tax"
Thanks for getting back to me Wendy but I'm still not clear! I am trying to account for withholding tax that was deducted from an invoice we sent ie the invoice was for €982.50 and the customer (ESB) deducted €154 withholding tax so we received €828.50.
Yes that's right. You'll do two separate receipts - one for €828.50 into whatever account that was paid into, and then another for €154 into the "Withholding tax" account.