withheld tax in invoices?
jose at vocalsakti.com
Wed Oct 4 15:39:02 EDT 2006
hi, I have a situation I can't figure out how to model: When I charge my
clients (and consequently create invoices), I have to include two taxes: One
is a sort of VAT, which is easily set as a percentage through a tax table,
and automatically calculated in the invoice.
The other tax, however, is trickier. This is a withheld tax, since it is an
amount that my customer has to keep from paying me and pay it to the
government. I cant figure out how to associate this in order to have
automatically calculated, since through the tax table I can't seem to asign
'negative' percentages, as in 'substract' from the total instead of adding.
Cost of service: $100
VAT: 16% <-- Paid by myself
Withheld tax: %10 <-- Paid by my customer
Tax table: VAT, 16%
I create an invoice, for $100. Taxable, tax not included, tax table Vat, so
tax is now $16. Invoice total: $116. This is ok but half right. What I need
next is some sort other tax table, but 'withheld' or 'deductible', so I can
select it and just like it knows the VAT is %16 added, it should know this
is %10 percent substracted. Sort of like this:
Service, $100. VAT $16. Withheld $10. Total for invoice: $106. (cost + vat -
Please help me!! I try to manage with simply calculating VAT and including
the deduction as a different process, but it is effectively cumbersome to
manage by hand; besides, even though I create an invoice for $100 plus Vat,
the amount actually received is $106 instead of $116 obviously, so when I
process the payment, the difference results in that the invoice is never
fully paid, so gnucash doesnt list it as such. I could also try setting the
cost of the invoice to $90, as in including already the withheld tax, but
then, the VAT would be incorrectly calculated, as it should be $100.
Any ideas? I will really appreciate the help.
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