The Withholding Tax feature in Manager.io allows you to seamlessly handle withholding tax for both sales and purchase invoices within your business operations. This guide explains how to activate and use withholding tax functionality effectively within Manager.io.
To add Withholding Tax capabilities to your invoices, navigate to the Settings tab and select the Withholding tax option.
The settings screen offers two distinct options:
You can activate them separately or together, based on your business needs.
Selecting the Withholding tax receivable option will create an account titled Withholding tax receivable on your balance sheet. This helps you track the amounts withheld by your customers.
When enabled, Manager.io displays a Withholding tax section when generating:
You can input withholding tax amounts in this section. Manager.io aggregates these amounts in the Withholding tax receivable account. You can settle this account by recording payments through the Withholding Tax Receipts tab.
Activating the Withholding tax payable option creates a Withholding tax payable account on your balance sheet, allowing you to keep track of withholding tax amounts applicable to each supplier.
Once enabled, Manager.io adds a Withholding tax section when creating new Purchase Invoices. Here, you can specify the applicable withholding tax amounts withheld from suppliers.
With these settings configured, Manager.io makes it straightforward to monitor and manage all withholding tax amounts related to your customers and suppliers within your company’s accounts.