Support for pre paid taxes in Zoho Invoice
Sivaramakrishnan Iswaran July 18, 2008 07: 17 am
Sometime back one of our beloved customer had asked us to support “ritenuta d’acconto” in Zoho Invoice. Yes, you read it right! “ritenuta d’acconto” in Italian stands for tax that is pre-paid by the seller.
In some countries (especially Italy) it is a common practice for the sellers to pre-pay the tax. Say for example (I am using the same example posted by our customer) a $1000 consultancy made by a professional would have a +20% VAT on its price and a -20% “ritenuta d’acconto” (a pre-tax paid by the seller) on its price. The total would amount to $1000. The law however requires both the tax and the pre-paid tax be shown on the invoices.
Now you can do that! Just add the tax as is it and add the pre-paid tax as a negative tax. Shown below is a snap of invoice that I had created for the above example.
You can see the original request here.
Hope this feature will come handy for our other customers also. Give this a try and let us know your comments.
Happy Invoicing
Siva
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Good work. I was struggling with the TDS that is deducted before giving the payments. Probably I can make use of this feature to account that.
Thanks!