Exercise - Set up sales tax reporting codes and withholding tax

  • 9 minutes

In this exercise, you will set up sales tax reporting codes and withholding tax.

Set up sales tax reporting codes

  1. Go to Tax > Setup > Sales tax > Sales tax reporting codes.
  2. Select New in the Action Pane.
  3. Select the Report layout that the reporting code belongs to.
  4. Enter a number that refers to the reporting code in the Reporting code field.
  5. In the Report text field, enter a description to display on reports.
  6. In the Brief description field, enter a description for internal purposes.
  7. Select Save.

Set up withholding tax

  1. Go to Tax > Indirect taxes > Withholding tax > Withholding tax codes.
  2. Select New in the Action Pane.
  3. In the Withholding tax code field, type a value.
  4. In the Withholding tax name field, enter the name of the withholding tax code.
  5. In the Main account field, select the main account for posting the withholding tax liability.
  6. Select Save.
  7. Select Values.
  8. In the Values field, enter a percentage used for the calculation of the withholding tax.
  9. Select Save.
  10. Close the page.
  11. Go to Tax > Indirect taxes > Withholding tax > Withholding tax groups.
  12. Select New.
  13. In the Withholding tax group field, enter the identifier of the withholding tax group.
  14. In the Description field, enter the name of the withholding tax group.
  15. In the Withholding tax code field, select the withholding tax code.
  16. Select Save.