How to Calculate and Post Withholding Tax Settlements

You can use the Calc. and Post WHT Settlement page to calculate and post the withholding tax (WHT). You can close WHT entries that are open or not settled and transfer the corresponding amount to the WHT settlement account.

The sum of all withheld amounts is reported as a truncated whole number to the New Zealand tax authorities.

To calculate and post withholding tax settlements

1. Choose the icon, enter Calc. and Post WHT Settlement, and then choose the related link.

2. On the Options FastTab, fill in the fields as described in the following table.

   Field	Description
   Starting Date	The start date of the period for which WHT has to be settled.
   Ending Date	The end date of the period for which WHT has to be settled.
   Posting Date	The posting date of the WHT settlement entries.
   Document No.	The document number of the WHT settlement entries.
   Description	The WHT settlement description.
   Settlement Account Type	The settlement account type.
   Settlement Account	The account number based on the account type selected in the Settlement Account Type field.
   Rounding G/L Account	The account to which the truncated amount is to be posted.
   Show WHT Entries	Select to view the withholding tax entries for the specified period.
   Post	Select to post the WHT settlement entries.

3. Choose the Print button to print the report or choose the Preview button to view it on the screen.

See Also

Withholding Tax
Set Up Withholding Tax
Set Up Revenue Types for Withholding Tax
View Withholding Tax Entries

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