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christa-kounine
Level 1

Where/how do i log corporation tax payment within the intuit system

 
1 REPLY 1
MaryLurleenM
Moderator

Where/how do i log corporation tax payment within the intuit system

You'll want to set up a liability account, christa-kounine.

 

Recording corporation tax payment is unavailable in QuickBooks Online.

 

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. When you pay the amount create an expense selecting the liability account in the category section.

 

Here's an article to help you out: Create a journal entry in QuickBooks Online.

 

You'll want to consult your accountant to make sure you're selecting the correct accounts when creating a journal entry.

 

Let me know if you have other questions, I'll be here to help you out.

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