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Hello,
In the standard set-up P&L report there is a line for Corporation Tax that appears to be unaffected by the standard Directors' pension costs expense account. Why is that?
(I am not using QB for payroll, just recording an employer pension contribution allocated to a standard expense account:
It includes all employment costs, including food and transportation, if applicable.
This account is also available as a Cost of Sales (COS) account.
Hello there, @k1s1. I want to ensure this will be taken care of.
The Corporation tax is currently unsupported by QuickBooks Online (QBO) UK version. It could be that this is assigned to a specific account that's why it shows in your Profit & loss report. This might also be the reason it does not affect the Directors' pension costs expense account.
To further help you with this, I recommend reaching out to your accountant for guidance on how to properly account for and handle the corporation tax and pension so it will show on the report. If you're not affiliated with one, you can use our Find an Accountant tool to look for one near your area.
Also, you can customise your report to filter and include only the details you need. For detailed steps, check out this article: Customise reports in QuickBooks Online.
I'm always here ready to lend a hand if you have any other concerns managing your QuickBooks account. Have a great week ahead and stay safe.
If "The Corporation tax is currently unsupported by QuickBooks" how come it appears in the P&L report?
Hi there, k1s1.
Have you reviewed the linked transactions as well as the account used when pulling up the report? As previously mentioned by my colleague, it is possible that it's assigned to a specific account that will normally flow in the Profit & Loss report.
To make sure everything is accurate, it is best to reach out to an accountant to guide you on how to properly account for the corporation tax.
I've added this link to our Help Page if you need help with managing supported taxes in QuickBooks Online.
Keep me posted if you have other concerns about the reports. I'm always here to help. Take care!
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