Welcome to the Community, sales251!
We can create an expense account to allocate the annual tax payment made. Let me show guide you on how to do it.
- Go to Accounting tab and select Chart of Accounts.
- Select New.
- On Account Type, select Expenses.
- On Detail Type, select Taxes Paid.
- Enter a Name of that account.
- Select a Default GST Code if needed.
- Select Save and Close.
Once done, we can create an expense transaction and use the account we've created in Chart of Accounts. Here's how to create an expense transaction:
- Select + New.
- Select Expense.
- Enter the required details like Payee, Payment account and Payment date.
- On Category details section, select the expense account created.
- Enter Amount and GST code (if needed).
- Select Save.
Hope this helps. Have a fantastic day!