Financial - JDE1 (MOSC)

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Withholding tax - payment in multi currencies

edited Mar 31, 2014 12:00PM in Financial - JDE1 (MOSC) 7 commentsAnswered

Hi

I wonder if anyone can assist - I think having tried multiple methods, this is going to be a problem as it is a very unusual scenario.


The base company is set up as a USD company, however the 'local" currency is CDF. we have bank accounts in both currencies. These are set up as Monetary accounts as the local (CDF) has to be revalued monthly.

We are required to process witholding tax as follows :

1. Vouchers (raised against imports) are processed in mulitple currencies (USD, CAD,AUD etc). The witholding tax (14%) is payable to the local tax Authority.

2. The payment to the local tax authority is required in CDF. This is where I have hit a problem - I do not seem to be able to process against a CDF (non company currency) bank account. I have tried both manual and automatic payment methods.

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