I’m new implementer in Axapta 3.0 and I need your kind help
is there any Withholding setup available in Axapta ?how can we record the withholding tax on Vendor Payments? For example:
For local government rule, whenever you paid to individual, depending on if this person is foreigner or local contractor, the company is responsible to withhold a certain % of the payment for the Vendor.
If the withholding is 10%, the payment is for $100. I should only pay the vendor $90, and record $10 as withholding tax payable. And the $10 will be accumulated, reported, and paid to the government on a monthly basis.
the entry should be like that:-
VendorNo.3001 Cr.$ 100
VendorNo.3001 Dr.$ 10
WithHoldingTaxCr.$ 10
ExpenseDr.$100