How do i record a corporation tax payment?

Hi accounts65

QuickBooks online doesn't directly support corporation tax. You can set up a liability account, after calculating the corporation tax due from the previous years profit and loss, you can use a journal entry to transfer the amount due from the retained earnings to the liability account and when you pay the amount create an expense selecting the liability account in the category section.

We must make you aware that we are not trained accountants and that we recommend you qualify our information with an accountant.

Hello Community Users, we just wanted to pop in and add an update regarding corporation tax and QuickBooks Online. There is now an option in workpapers in QuickBooks Online Accountant version to prepare and submit the corporation tax return (sometimes called CT600 form) We have included a help article on the how to steps here for any accountant users who would like more information.

Any questions please just ask them.