A work contract is an agreement that represents a mixture of service or work and the delivery of goods. With a work contract, the contractor undertakes to carry out certain work, in the execution of which certain goods are transferred to him. Thus, a contract for the construction, manufacture, processing, assembly, installation, repair, or commissioning of movable or immovable property is a contract for work and services.
In the case of a contract for work, only that part is considered that represents the Transfer of ownership of the objects connected with the performance of the contract for work is taxable. Tax on work contracts is called Work contract Tax (WCT).
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In this blog, we are going to discuss WCT Process Utility where the user can create an Adjustment entry from the AP invoice batch entry by using the below filter criteria.
- From and To AP Invoice batch
Please refer below screenshot of the user interfaces for the “WCT Process Utility”.
As you can see in the above screenshot user will be able to specify ‘From’ and ‘To’ AP invoice Batch, based on the same, if the user clicks on the process button then it will create the adjustment batch with the batch description as “WCT Adjustment for Invoice Batch No”, Entry with entry description as “WCT Adjustment entry for Invoice No” and in reference field “WCT Adjustment Entry” as shown in below screenshot.
User needs to set optional fields in Common service optional fields and AP invoice header optional fields before clicking on the process button and optional fields as follows below:
Common service optional field:
1. WCTGL – Optional fields name as WCT and Type will be Text.
User needs to specify the GL account as the value in WCTGL optional field for which the adjustment entry is to be created or it will show an error as “Value for WCTGL Optional field is not set which is required for AP Adjustment. Please specify the value before proceeding further“.
AP invoice header optional field:
1. WCT – Optional fields name as WCT and Type will be Yes/No.
User needs to specify the Yes/not as value in WCT optional field for which the adjustment entry is to be created or it will not create an adjustment entry for that AP invoice batch.
2. WCTBASE – Optional fields name as WCTBASE and Type will be Amount.
The user needs to specify the amount as the value in WCTBASE optional field for which the adjustment entry is to be created or it will consider the 0 value for that field.
3. WCTPER – Optional fields name as WCTPER and Type will be Amount.
The user needs to specify the amount as the value in WCTPER optional field for which the adjustment entry is to be created or it will consider the 0 value for that field.
Above optional fields WCTBASE and WCTPER are used for the calculation of the distribution Amount as given formula below:
(WCTBASE / 100) * WCTPER.
In this way, the user can easily create the WCT Adjustment Batch entry with the help of AP Invoice Batch.
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