Posting invoices and bills

[denisbkk]

Thanks. How could I miss that! Now I still have one question left as I have a
bit of a special setup involving a withholding tax on side of my customers:

So here is what I am trying to do when invoicing a customer and then
receiving a payment later:

Info: I use a 7% VAT + when I invoice, the customer will have to withhold
additional 3% tax from the payment he makes to me.

So when I invoice the total amount (sales amount+VAT), I post the sale
amount to Income:Sales account, and use a tax table with a 7% VAT posted to
Liability:Output VAT account. Then I post the invoice to Accounts
receivable.

Then when I receive payment, I use the "process payment" facility for
customers, first I post the sale amount+VAT from A/R to bank account (where
I received the money). Then after that I post a "payment" of the 3%
withholding tax amount from A/R to the "Assets:TDS (tax withheld at source)"
account. 

This is how it seems logic for me but is there any better way to do it? Any
more efficient way or am I making even an error somewhere?



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