Skip to content

Month: December 2015

Multiple Locations Software For Small & Growing Businesses

Running a business with several locations can be a daunting task especially when they are miles apart or demand extra-cost of travelling to each outlet or branch. Things become more complex when it boils down to overseeing the accounting systems maintained by each of these locations.

In this resource guide, I will be sharing tips on how to select the best accounting software for multiple locations.

Comments closed

Accounting Treatment For Withholding Tax On Revenue

According to an article published on TheNation Newspaper online, ‘Withholding Tax (WHT) is an advance payment of income tax. In principle, it is a payment for the ultimate income tax liability of the taxpayer or company. It is not a separate tax and does not confer an exemption from the filing of yearly tax returns by the company which suffered WHT. The tax is deducted at source when a payment is to be made to the beneficiary‘.

It is a tax deducted at source for service rendered or sales.

This article illustrates how you should treat Withholding Tax in an accounting software (QuickBooks)

WHT Receivable

When you render a service or make a sale to your customers, by law they are expected to withhold a certain percentage of the transaction value as a tax which is remitted to tax agency and at the end pay the remaining balance as settlement. In such scenario, you are expected to treat the balance as WHT or else the system will hold it an account receivable balance.

Here are the steps to follow:

Note: I assume you have entered an invoice and received payment on your accounting software.

  • Open the General Journal window of your accounting software.
  • Under the ‘Account’ column, select ‘Accounting Receivable’ and ‘WHT Receivable’
    • Credit the Former and Debit the Latter with amount withheld by the customer
  • Select the customer’s name and fill other fields – Date, General Journal No and Memo.
  • Save.

Recent search terms:

  • withholding tax accounting treatment (13)
  • double entry for withholding tax (3)
  • journal entries for vat and witholding tax (2)
  • withholding tax accounting entries (2)
  • accounting treatment of wht in nigeria (2)
  • treatment of withholding tax (2)
  • what are the journal entries for witholding tax (1)
  • profit recognition on withhoding tax and vat in nigeria (1)
  • accounting entries for withholding tax (1)
  • Accounting treatment of withholding income tax (1)
  • accounting for withholding tax (1)
  • accounting entries for witholding tax in Nigeria (1)
  • withholding tax treatment (1)
Comments closed

Integrating QuickBooks Online With Online Store – Woo commerce Shopping Cart

As more business switch to an online store to meet the growing demand for a website that lets customers make orders  and pay easily without physical interaction, there is the need to also have a proper system of tracking all sales and cash received and integrating these transactions to an offline or online accounting package for accurate business reporting.

In this guide, I will be reviewing accounting software integration with an online store (Woo Commerce as a case study).

Woo-commerce is one of the popular themes you can upload to your word press back end and get your online store up and running in five (5) minutes or less.

It is very flexible, allows for inventory and non-inventory management, fast and easy integration of payment processors like PayPal, Bank Accounts, and Credit Cards. You can also track all your sales order and customers from the dashboard via reporting.

Comments closed

QuickBooks Multi Users Installation, SetUp & Configuration

The need for QuickBooks multi-users configuration arises when you want to connect different users to a particular data file in which each person works independently but on the same financials hosted on a central network.

The major advantage of this – is that it allows for flexibility and swift data entry for an organisation with growing volume of transactions and quick updates for your financials.

This roundup focuses on how to set-up Quickbooks on a multi-user environment.

QuickBooks Installation:

When installing QuickBooks, you need to have different licenses equivalent to the number of users intended and make sure you select ‘I will only be storing QuickBooks on the computer‘ when setting up QuickBooks on the server.

Comments closed

Practical knowledge and application of accounting software is no more an option for accounting graduates that want to excel in his/her career or managers that…

Comments closed
error: Content is protected !!