Article Details
Id:13433
Product:finPOWER Connect
Type:NEW
Version:2.03.04
Opened:30/06/2015
Closed:18/12/2015
Released:03/02/2016
Job: J015807

Transaction Entry; added option for Credit Interest and automatically posting of Withholding Tax

New Credit Interest and Withholding Tax options for Deposit Accounts have been added.

For "Interest" Transaction Types you may now define if the Type is for creating Credit Interest transactions. If checked, when entering a batch of Transactions you should enter Credit Interest values as positive values - rather than negative values.

In addition, "Credit Interest" Transaction Types also define whether Withholding Tax should be automatically posted. If checked, during the commit, Withholding Tax is calculated and deducted based upon the Gross Value entered and the Account's Tax Category (as at the Transaction date).

Note, these options are found under Transaction Types, Other page.

When entering Transactions under Transaction Entry a new option "Automatically post Withholding Tax?" is shown based upon the Transaction Type's setup.