Filing your corporate taxes is an integral part of running a business. I can help point you in the right direction for this.
Being able to use add-ons for your account is a great way to add more capabilities of your QuickBooks Online account. In order to file your T2 for corporate taxes you have a few options. If you have a QuickBooks Online accountant account you can get the Pro Tax add on which allows you to set up and file T2's you can find out more about Pro Tax here. This is meant more for accountants that do multiple companies T2 forms. Another option would be to get the Profile tax software which also allows for corporate taxes to be filed. You can look into the pricing and features of profile here.
Hope this helps!
Actually, I have already filed the taxes with Profile. What I was asking was how to enter the tax amounts in QuickBooks regarding the taxes paid (or owed) as well as the adjustment to retained earnings.
Glad to hear back from you, litschel. I'll be happy to help from here going forward. QuickBooks makes it easy to enter historical tax payments and here's how:
I recommend checking out this helpful article here with more info on: How to record a payroll tax payment. I'd recommend reaching out to an accounting professional for expert advice on how to enter your transactions into QuickBooks. You can reach out to an accounting expert right from our website using this link here.
In case you have other questions, don't hesitate to reach back to me. I've got your back.
This will work for payroll tax. What about corporate taxes to the federal and provincial governments. They are to come directly out of retained earnings as I recall. I do not know how to post them in QB except as perhaps a general journal entry posted directly to R/E. Would this be the most likely scenario to use?
QuickBooks Online is equipped with a Sales Tax and Payroll Tax module, which enables you to easily track those types of taxes. Recording corporate tax payments will likely require a journal entry as you suspected, but it's best to consult with your accountant on how to record this accurately. If you'd like to invite your accountant to work in QuickBooks with you, navigate to the My Accountant tab and enter their email into the Invite field. If you're not working with an accountant yet, QuickBooks has a database of QuickBooks-certified accountants and bookkeepers called Pro Advisors that are equipped with the skills and know-how to point you in the right direction on this.
I wish you all the best. Have a great week!
Hi litschel, I'll be happy to clarify this for you. QuickBooks Online gives you the flexibility to select Retained Earnings when doing a journal entry, so you can post directly to that account when needed. I also encourage you to connect with an accountant using the steps shared above by Rebecca. Accountants are incredible resources when it comes to journal entries and ensuring that everything's lining up correctly in your books for your business needs.
I hope this helps! Let me know if you have any other questions.