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jackson-chan-reg
Level 1

Which account should i allocate payment for income tax. Is it Liability or expense accounts

 
1 Comment 1
IntuitSheila
Level 8

Which account should i allocate payment for income tax. Is it Liability or expense accounts

Hello jackson-chan-reg,

 

Thanks for posting in the Community!

 

If the payment is made for an income tax you can allocate it to an expense account/category in QuickBooks Online. Upon sharing this, I suggest consulting your accountant for specific instructions on how to handle the payment. This is to ensure the entry is included on your books properly.

 

Let me know if you need additional information by clicking the Reply button below. I'm always right here to help.