Withholding Taxes: Configuration Prerequisites

Before starting to create a withholding tax, you should be sure that the settings have been specified and entities have been created, as described in the following sections.

Enabling the Needed Feature

On the Enable/Disable Features (CS100000) form, the VAT Reporting feature must be enabled.

Configuring the System

You need to make sure the following tasks have been performed in MYOB Acumatica before you begin to create a withholding tax:

• On the Chart of Accounts (GL202500) form, all GL accounts that you will use for tax reporting purposes have been added.
• On the Vendors (AP303000) form, a vendor set up as a tax agency has been configured. For details, see Tax Agency: To Set Up a Tax Agency for VAT.
• On the Tax Categories (TX205500) form, the needed tax category has been created.
• On the Tax Zones (TX206000) form, the needed tax zone has been created.
• On the Reporting Settings (TX205100) form, a tax report has been configured as described in Tax Report Configuration: To Create a Tax Report for VAT.