This form allows to rename built-in Withholding tax payable account.
To access this form, go to Settings, then Chart of Accounts, then click Edit button for Withholding tax payable account.
The form contains the following fields:
Enter the name for the withholding tax payable account. This account tracks taxes withheld from payments to suppliers, employees, or other parties that must be remitted to tax authorities.
The default name is Withholding tax payable, but you can rename it to match your local tax terminology, such as 'TDS Payable' or 'Tax Deducted at Source'.
Optionally, enter an account code to help organize your chart of accounts. Codes are useful for sorting accounts and can make it easier to find accounts in reports and transactions.
Select the Balance Sheet group where this account should appear. Withholding tax payable is typically shown under current liabilities as it represents taxes collected that must be paid to the government.
Click Update button to save your changes.
This account cannot be deleted, it is automatically added to your Chart of Accounts when you have enabled withholding taxes on purchase invoices.
For more information see: Withholding tax