- 1. How do you handle transaction where a vendor supplies both goods and services since the WHT rate for the good is different from the WHT rate for the service?
Answer: You can tag the WHT product posting group in the item or GL account to specify the WHT rate .
- What will you do if the WHT amount to be calculated by the system is not based on the total invoice amount?
Answer: You need to specify the WHT absorb base amount in the document or journal.
- Does the system generate an entry on Creditable Withholding Tax upon posting of the Sales Invoice?
Answer: The system does not generate an entry when the Sales Invoice is posted. It is first recognized by the system as an unrealized tax. The entry will be generated when the Creditable Withholding Tax is recognized on the Cash Receipt Journal.
- How will the Withholding Tax be applied to the receivable of the Customer?
Answer: On the Cash Receipt Journal, the Customer withholding the tax should be selected. Then select the invoice where the tax should be applied and enter the amount to be applied. The “WHT Payment” field should be marked in order or the system to identify that it is a tax related transaction.
- How does the system handle erroneous checks printed or issued to suppliers?
Answer: If the payment is not yet posted, on the payment journal, click the “Void Check” ribbon to void the check that was printed. If the payment was posted, go to the Check Ledger Entry of the Bank Account and select the entry that will be voided. Click the “Void Check” ribbon. The Confirm Financial Void request page will appear. Select “Unapply and void check” on Type of Void and click “Yes” to confirm.
- Is there a facility in the system that handles post-dated checks received from Customers? How will this be processed once the check/s are due?
Answer: The Posted Dated Checks List-Sales manages this function. Customers and their check details are entered on this page. To identify/filter checks that are due, the “Suggest Checks to Bank” function will be selected. A system message will appear prompting for checks that are due. Click the “Create Cash Journal” ribbon to transfer that Posted Dated Check Lines to the Cash Receipt Journal for processing.
NOTE: Posted Dated Checks List-Purch. also exist for post-dated checks issued to suppliers.