Hi Friends,
In our process we need to retain 10% of the amount from the vendor's invoice on each bill. Vendor can send partial invoices.
Suppose our total PO value is 1000USD and our terms are 10% retention money.
In 1st invoice vendor claims 200USD, we need to pay him 180USD and remaining 20USD should go as retention money. This can be settled after final project / completion of services.
This has to be done theu MM and LIV / IR process. When ever we raise invoice for 200USD system should automatically do entries :
Vendor 180 Cr
GR/IR : 200 Dr
Rentention account : 20 Cr
Earlier we did thru TDS tax code. Now we are working for middle east project where there is no taxes at all. So we are not impleting any tax procedure / TDS codes. In this scenario how can we do ?
Can we do thru discount , I don't think so. or else can we do thru rebate conditions?
Regards,
Sai Krishna