ADVANCE TAX TREATMENT

[JABRAN]

I HAD RECEIVED RS. 2.5M AS SPONSORSHIP FEE FROM WHICH RS. 150,000/- IS WITHHOLDING TAX & BALANCE AMOUNT RS. 2,350,000/- RECEIVED THROUGH BANK DRAFT. HOW I INCORPORATE THIS TRANSACTION IN AR MODULE. PLEASE GUIDE, I HAVE ALREADY CREATED A RECEIVABLE OF RS. 2.5 M. WHICH NEEDS TO BE ADJUSTED IN FULL.

[jitaindar]

Hi Jabran,

Do the following:
1. Create Receipt of Rs. 2,350,000 in AR and apply it against the invoice.
2. Go to Setup>Receipt>Receivable Activities (Use Type: Adjustment)
3. Enter the Name Withholding Tax and select Type: Adjustment
4. Enter the account that you want to knock-off with the receivable account in Activity GL account
5. Go to Setup>Transactions>Approval Limits
6. Select the User Name from LOV to whom you want to allow to adjust the transaction.
7. Enter the remaining information and save
8. Go to Transaction form and search the transaction (Be make sure to login with the same user to whom you allowed the approval limit)
9. go to [M] Action>Adjust
10. Select the Activity that you have created
11. Select Type: Invoice
12. Enter the amount with -ve sign that you want to reduce from transaction
13. Enter GL and Adjustment Date
14.Verify the account in Account, IDs Tab.
15. Save the transaction

I hope your issue will be resolved after performing the above steps...

Regards,
Jitaindar