We had our small company accounts done and I paid the corporation tax due for the las financial year.
Could you help-me how i record the tax step by step?
is the Corporation tax will be in Proffit and Loss account as well as an expense ?
Many Thanks
Attila
I see that you have already paid the tax due for the last financial year and need assistance in properly recording it, Attila.
You can count on me to provide you with detailed step-by-step guidance throughout the process.
Since recording the corporation tax is currently unavailable in the QuickBooks Online version, what we can do is manually calculate the corporation tax amount from your profit. Then, let's create a journal entry from the retained earnings account to the corporation tax liability account.
I would also advise consulting with an accountant to verify the appropriate account to use for recording the corporation tax payment. This will help ensure the accuracy of your financial recordings. It's always beneficial to seek professional advice to ensure that your accounting practices align with the specific requirements and regulations applicable to your business.
For guidance on recording journal entries in QuickBooks Online, I recommend referring to this article: Create journal entries in QuickBooks Online.
If you have QuickBooks Online Accountant Workpapers, you can utilize this link on the steps of preparing and submitting your Corporation Tax return: File your Corporation Tax return using Workpapers in QuickBooks Online Accountant.
If you find yourself needing to file your VAT return and record your tax payment, I suggest referring to this resource for additional guidance: File your VAT return and record tax payments in QuickBooks Online.
If you have any further questions or need additional support, please don't hesitate to reach out. I'm here to help you navigate through any accounting-related matters. Best of luck with your company's financial management.
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