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Share your ideas for improving MYOB Essentials Accounting. Vote on ideas and discuss them with the MYOB product development team.
As a sole trader I would like to be able to have a section that can show withhlding tax deductions from an invoice and not have to remove it from the invoice as a line item.
Maybe this is already possible and I've missed it? I think I've had a pretty good look but maybe not a proper 'mothers look'.
Hi @paulie83Thank you for your idea in regards to Essentials and Withholding tax amount.Are you able to give us an example of invoices and possibly explain further as to what you are trying to achieve?
Thanks for getting back to me. As a GST registered Sole Trade companies I work for still deduct Withholding Tax off my payments to be paid to the IRD on my behalf. Currently I have been using a separate line item in the invoices to deduct a negative balance to which I code to a withholding account code that I have created. It works but its not a streamlined as I would like it to be.
I would there was a way of including it into the invoices so it works it out for me and puts it into a built in withholding code... The spanner in the works is that it would need to be able to be turned on and off as not all invoices require it.
I've attached an image of how i used to do it before moving to MYOB... And yes I am aware of the maths error in my hours worked.
Thank you for additional feedback and previous template you used (that helps a lot).I would encourage other users that would like to have a withholding amount taken off an invoice's total to vote and comment if required for this idea.
This is something we would also like. Is there any option for this in MYOB services at the moment that has an option for withholding tax?
At the moment, we're no longer able to create invoices in MYOB, because the company we're contracting for requires 20% tax deducted - therefore this needs to be reflected in the invoice. It makes it very time consuming, particularly because we're essentially doing everything manually that MYOB would normally do automatically.
It's turned a 5minute job into a 30min job for us.
Thank you for your feedback @holtzprojects
Unfortunately currently the only method would be manually calculate out the withholding tax amount, then record the invoice using the Tax Inclusive option, add an additional transaction line to enter tax amount as a negative figure.
I can see having the ability to calculate and include the withholding tax automatically in Essentials would be very useful for you, I have shared your feedback with the team.
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