Withholding tax refers to deducting income tax from the payment of individual suppliers. Japanese companies need to pay the amount deducted withholding tax to the individual payee first, and pay the tax that the company has deposited to the tax office afterwards. （The manuscript fee/lecture fee for outside individuals and the remuneration for lawyers/ judicial scrivener etc. are applicable to the withholding tax range.)
Our Solution Features:
Payments to individual suppliers and individual business owners are automated, and accounting staff are released from complicated duplication works. Also, journals of deposits to be paid to the tax authorities are automatically created. By using the solution together with JBA format solution, it is possible to improve the efficiency of payment to individual suppliers.
Normally, balance sheet and profit and loss statement only indicate the total amount of Building, Vehicles and Depreciation Expense. But still the corresponding breakdown is hard to be comprehensive to visualize.
Our Solution Feature:
By NetSuite unitary management system, our fixed asset management solution visualizes the calculation basis, such as the acquisition cost of each fixed asset, depreciation expense, disposal processing etc. In addition, our solution creates journals automatically from purchase to retirement of fixed assets and reflects the journals in the fixed asset register. However, the depreciation rate, useful life, depreciation method, account item, etc. can be set up freely. Depreciation, impairment and retirement processing of fixed assets are also automated. With this solution, acquisition of fixed assets is achieved at the time of preparing purchase orders, and fixed asset lifecycle journal is fully automated. Therefore, it is unnecessary to integrate data with “fixed asset module” and “other module” in customer’s existing NetSuite.
What is format of Japan-specific EFT Payment — Japanese Bankers Association(JBA)？
Japanese Banker Association (JBA) prescribed format is a format prescribed by Japanese Bankers Association when data transmission is conducted. It is the format being used when remittance and transfer are made with the external, such as comprehensive internet banking, salary and bonus transfer.
Our Solution Feature:
Automation of payment processing can be realized by delivering JBA data created by NetSuite to Internet banking. Differences from NetSuite’s EFT Payment Standard Bundle Accounts payable transactions to multiple vendors could be selected simultaneously on the same operation screen and bank transfer fee is automatically calculated. It means that the efficiency of payment is dramatically improved. Multiple accounts payable transactions of the same supplier are combined into one payment and the commission fee is reduced correspondingly. Also, payment discounts, miscellaneous income and loss amounts for each transaction are adjusted to save time on manual input of journal entry.