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carolinecrunden
Level 1

How do I account for the payment of company tax in QB?

 
1 REPLY 1
E A Johnson
Level 2

How do I account for the payment of company tax in QB?

In my opInion, you create a tax liability account (Tax Payable) and create company tax account (expense account), Post any recognised tax liability to the payable account, reduce the balance in the payable account by posting tax paid in advance (withholding tax, etc) and at the end of the year, the total tax paid goes to Compay tax account.

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