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withholding Tax

KiruiKirui Member Posts: 3

My clients withhold 3% income tax on contractual fees , am paid less 3% which i will then net off from my income tax at close of the financial year
The journal entry does not have an option of choosing any other asset other than cash & Bank, fixed assets, equity accounts as part of the payment method.
This makes recording of such transactions difficult

edited October 1, 2020 in Accounting Technical Support

Comments

  • JulianPJulianP Member Posts: 1,002 ✭✭✭

    Hello @Kirui ! Just a heads up, I have moved your discussion to our Accounting Technical Support section for my visibility. If your income tax is netted off, I don't believe Wave Support can assist with this as we are not accountants I'm afraid. Also, I don't believe Wave can support this type of accounting. With that being said, I suggest reaching out to a registered CPA to ensure you receive the correct accounting advice in this case.

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