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.

Note

The truncated cents are accounted for in a rounding account.

To calculate and post withholding tax settlements

  1. Choose the Lightbulb that opens the Tell Me feature 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