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Withholding tax and account for payment option at clearing

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edited Dec 15, 2020 1:14PM in Tax & Global 1 comment

Summary

WHT tax invoice generation and WHT debt booking done at 2 different dates.

Content

Hello

We are asked by our Romanian colleagues to implement Fusion WHT solution in Romania with the following setup options:

Payables option "Account for payment" set at "at clearing" --> Payment is accounted based on the “booking date” on the bank statement line that corresponds to the payment execution date by the bank.

Need to calculate and create WHT invoices at payment (calculation point and Tax invoice creation point set at payment)

Are those 2 options compatible? Let’s pretend as an example that a payment for invoice 111 has been issued on December 5th and executed by the bank on December 8th.

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