Another question re SAGE.
We receive a lot of payments from clients with 20% WHT deducted. How do I account for this in SAGE? I asked the helpline and they suggested posting what we receive against the clients account, which I have been doing, and then creating a credit note for the WHT and then posting the WHT into capital reserves. I just wanted to make sure if I have this right before I do it as SAGE is so hard to change.
Thanks.
Replies (1)
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assuming its WHT that can be reclaimed, I would post the credit note to the Corporation Tax liability code (2 something).
WHT can usually be reclaimed against any CT due to HMRC and posting here (although intially showing a debit balance) will end up reflecting the actual amount of CT to be paid.