What is WHT in Financial Module and What would be tbe acc entry for the same?

What is WHT in Financial Module and What would be tbe acc
entry for the same?

Question Posted / dinesh

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What is WHT in Financial Module and What would be tbe acc entry for the same?..

WHT is withholding tax in oracle terms.
WHT is used to deduct and withhold a part of the amount
from the supplier's invoice on behalf of particular tax
authority for the purpose of remitting to them (tax
authority) later.

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What is WHT in Financial Module and What would be tbe acc entry for the same?..

Answer / swathi

WHT is withholding tax in oracle terms.
You hold the tax part while you enter your invoice and pay
it to the tax authority. U r tax authority should be
defined as your supplier.

This may happen when u have to pay purchase tax to the tax
authority, and wanted to withhold it.

withholding tax a/c dr
payables a/c cr

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What is WHT in Financial Module and What would be tbe acc entry for the same?..

Answer / rathore

WHT (WithHoldingTax)is used to deduct @ of particular % over
foreign loan under scheme like Buyers Credit Financing. at
the time of availing loan.

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