Retentions - Setup

Supplier Expense Code

The expense code or general ledger account code that will be updated when a Retention transaction is allocated against an outstanding supplier invoice. CAPITAL will automatically generate a Retention adjustment transaction, when necessary.

The expense account/general ledger account allocation will automatically be debited to the account code specified here.

Customer Expense Code

The expense code or general ledger account code that will be updated when a Retention transaction is allocated against an outstanding customer invoice. CAPITAL will automatically generate a Retention adjustment transaction, when necessary.

The expense account/general ledger account allocation will automatically be credited to the account code specified here.

Retention Transaction Type

In order to activate the Retentions System (withholding tax) you must specify a transaction type for CAPITAL to use for this purpose. The transaction type can be any valid transaction number between 2-8, excluding any transaction that has been set-up as a payment type (such as transaction type 6). It is recommended that transaction types 2 and 3 be reserved for use as credits, discounts/adjustments respectively.

Once you have selected an appropriate transaction type you should also go to Transaction Sequences and change the transaction description so as to indicate that it reserved for Retention use. For example, if you have decided to use transaction type "5" as a Retention transaction, you should also change the transaction description from "Discount" to "Retention adjustment".

If the transaction type you selected is being used for some other purpose, ensure that you disable its alternate use. For example, transaction type "5" is by default reserved for discounts, and type "7" for lay-bys.

Next Supplier Number

The next Retention transaction/audit number to have CAPITAL automatically issue for supplier account transactions.

Next Customer Number

The next Retention transaction/audit number to have CAPITAL automatically issue for customer account transactions. This will be the transaction number sequence of the transaction type you have specified. For example, if you decide to use transaction type "5", this is the next transaction number that will be issued for transaction type "5". (This transaction number can also be changed under Transaction Sequences.