What's New (December 5, 2022)

Local GST and WHT requirements support for India and Tokyo, Reverse Charge Tax handling, and country restrictions for master data files

DECEMBER 5, 2022

[India] GST Components and HSN Support

The Accountability tax structure has been expanded to support India's GST components (CGST, SGST, IGST) and HSN codes for all relevant transactions. 

Video tutorial to follow.

Reverse Charge Tax 

 A reverse charge transaction can now be captured as its own Tax Code within the platform.  Navigate to Set Up Files>Tax Codes and create a new code. 

1. For a  Reverse Charge Tax code, the Tax % must be set as zero and the Reverse Charge rate is assigned in the corresponding Reverse Charge % field.  
2. An option Create Reverse Charge Posting has also been added to support the requirement for India to post these transactions to the GL. 

Withholding Tax Enhancements 

You now have the option to account for WHT on supplier invoices instead of payments.  To enable this option, select Deduct from Supplier Invoices for the Withholding Tax Code.  

If this option is enabled, the base amount used in the WHT calculation will be accessible through the WHT link on the Supplier invoice and can be overridden if needed. An option to deduct WHT from Payments on Account is also available. 

For India: 

A threshold amount can be defined. Once a supplier threshold is exceeded in the Indian Fiscal Year, the WHT is calculated on the cumulative amount for the year. 

For Japan: 

An additional option is available to calculate the WHT from the Gross Supplier Amount (including VAT) or Net Amount.

Limit master data access by country 

This function requires that all of your Offices have a Country assignment.  The following master data records can now be restricted to a specific country. 

• Suppliers - Assign a Country Restriction on a Supplier record if only offices in the specified country should have access to this Supplier. For example, New York and Portland are the only offices who should have access to the supplier Ampersand, so adding a Country Restriction of USA will make this supplier unavailable for offices in other countries. 
• Tax Codes -  Assign a Country Restriction to a Tax Code to make it only available to  offices assigned to the specified country.
• Withholding Tax Codes - Assign a Country Restriction to a WHT Code to make it only available to offices assigned to the specified country.

To learn more, see Restrict Suppliers, Tax, Codes, and WHT Tax Codes to a Country

Bank Reconciliation Updates

Error when creating a payment from a bank transaction

Issue: 

A message "Please correct error first" displays highlighting the GL Account No. when creating a payment against a supplier invoice or payment on account.  

Fix: 

This error will no longer appear when a Master Supplier is selected.  You no longer need to delete the blank line item to work-around this error. 

Override FX rate for multi-currency transaction 

You can now override the FX rate to match the bank transaction's when the payment currency is different from the invoice currency.