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Product Updates 414 and 413: Withholding tax feature enhanced (Thai legislation)

From this product update onwards, users can now multi-select invoices to access the withholding entries. Printing the withholding certificate can now be by invoice or by payment.

This enhancement is applicable to the Thai legislation, and in a single tax environment or multiple tax environments.

The menu paths that are affected by this enhancement are as follows:

  • Finance à VAT/Statistics à Withholding tax à Assessment for invoices
  • Finance à VAT/Statistics à Withholding tax à Assessment for prepayments
  • Finance à VAT/Statistics à Withholding tax à Certificates
  • Finance à VAT/Statistics à Withholding tax à Process tax invoice 

The following enhancements have been made to the following screens:

Assessment for invoices

In the Assessment for invoices screen, the Reporting date field has been added. This field allows users to select a different date for the Date and Reporting date fields when creating the withholding tax entries. By default, the default login date of Exact Globe Next is displayed at the Date and Reporting date fields.

 

Multiple invoices can be selected in the Assessment for invoices overview screen via the Finance à VAT/Statistics à Withholding tax à Assessment for invoices menu path. To select multiple invoices, click an invoice line, and then press the CTRL key while clicking the other invoices to include them in the withholding tax entry. After selecting the relevant invoices, you can click the Start button to create the withholding tax entry. However, the Start button will only be enabled when the selected invoices share the similar creditor, creditor GL account, and currency.

After clicking the Start button, the selected invoices will be grouped by creditor, creditor GL account, and currency, and will be displayed in a single line with the summed total basis. The number of the withholding tax codes that can be defined for the payment line depends on the number of the tax codes defined in the General ledger settings screen. However, for batch invoices with different withholding percentages, the withholding process has to be done separately, as the system is unable to identify which withholding percentage that the invoices should be allocated to.

The following example illustrates how the entries are created, and are displayed when the Group by option and the Assessment type field have been defined.

Purchase journal

Journal 201 (Creditor GL account: 212100)

Entry

1

2

Date

01/03/2017

02/03/2017

Creditor

Creditor A

Creditor A

Your ref.

P1

P2

Currency

Thai Baht

Thai Baht

Amount

1070.00

2140.00

VAT code

SV7 (7%)

V07 (7%)

Journal 202 (Creditor GL account: 212300)

Entry

3

4

Date

06/03/2017

08/03/2017

Creditor

Creditor A

Creditor A

Your ref.

P3

P4

Currency

Thai Baht

Euro

Amount

3210.00

214.00

VAT code

SV7 (7%)

SV7 (7%)

In the Assessment for invoices overview screen, the purchase journal entries will be displayed as follows: 

Note: Entry 4 is not displayed in the overview screen as the currency used in the transaction is Euro, and is not the default currency. 

In the Assessment for invoices screen, upon clicking the Start button, the purchase journal entries will be displayed as follows:

The total invoice amount is then displayed in the Invoice amount column.

Assessment for prepayments

In the Assessment for prepayments screen, the Reporting date field has been added. This field allows users to select a different date for the Date and Reporting date fields when creating the withholding tax entries. By default, the default login date of Exact Globe Next is displayed at the Date and Reporting date fields.

Certificates

The Group by option has been added in the Certificates screen. This option allows users to display the entries and print the withholding tax certificate by invoice or payment. By default, Invoice is selected.

The entries will be displayed according to the options selected at Group by and Assessment type.

The following example illustrates how the entries are created, and are displayed when the Group by option and the Assessment type field have been defined.

Purchase journal

Entry

1

2

3

Date

01/03/2017

02/03/2017

06/03/2017

Creditor

Creditor A

Creditor B

Creditor A

Your ref.

P1 (Service01)

P2 (Rental01)

P3 (Service02)

Amount

1070.00

2140.00

3210.00

VAT code

SV7 (7%)

V07 (7%)

SV7 (7%)

Prepayment

Entry

Prepayment 1

Prepayment 2

Creditor

Creditor A

Creditor B

Amount

-500.00

-300.00

Assessment for invoices

 

Assessment 1

Assessment 2

Entry

Entry 1 and Entry 3

Entry 2

Withholding tax

3%

5%

Amount

120.00

100.00

Assessment for prepayments

 

Assessment 1

Assessment 2

Prepayment

Prepayment 1

Prepayment 2

Withholding tax

3%

5%

Amount

15.00

15.00

Cash flow entry: Payments

 

Payment 1

Payment 2

Creditor

A

B

Bank reference

Payment 1 - Service

Payment 1 - Rental

Amount

-4160.00

-2040.00

 

Group by

Assessment type

Invoice

Payment

Invoice

When Invoice is selected at Group by and at Assessment type, the following entries will be displayed:

Purchase journal 

  •  Entry 1
  •  Entry 2
  • Entry 3

 

When Payment is selected at Group by and Invoice is selected at Assessment type, the entries will be matched and displayed as follows:

Payment

  • Entry 1 and Entry 3 are matched with Payment 1
  • Entry 2 is matched with Payment 2

Prepayment

When Prepayment is selected at Assessment type, the Group by option will be disabled, and the following entries will be displayed:

Prepayment

  • Prepayment 1
  • Prepayment 2

All

When Invoice is selected at Group by and All is selected at Assessment type, the following entries will be displayed:

Purchase journal and Prepayment

  • Entry 1
  • Entry 2
  • Entry 3
  • Prepayment 1
  • Prepayment 2

When Payment is selected at Group by and All is selected at Assessment type, the following entries will be displayed:

Payment and Prepayment

  • Entry 1 and Entry 3
  • Entry 2
  • Prepayment 1
  • Prepayment 2

Note: When Payment is selected at Group by, all invoices with matched payments will be printed in a single withholding tax certificate.

Process tax invoice

The total invoice amount is displayed in the Invoice amount paid column.

     
 Main Category: Support Product Know How  Document Type: Release notes detail
 Category: Release Notes  Security  level: All - 0
 Sub category: Details  Document ID: 27.615.686
 Assortment:  Date: 31-05-2017
 Release: 414  Attachment:
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