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pradiyyz
Level 1

Income tax paid from chequing account- how to categorise it ?

 
2 Comments 2
MaryLandT
Moderator

Income tax paid from chequing account- how to categorise it ?

I can walk you through on how to categorize the income tax you've paid in QuickBooks, pradiyyz.

 

QuickBooks Online creates default accounts when your payroll service is set up on the system. Tax payments are recorded under the Payroll Expense account once paid.

 

If you need to view and change the category, you can follow these steps: 

 

  1. Go to Settings and select Payroll Settings
  2. Click Accounting under Preferences.
  3. Review the accounts for your payroll liabilities and expenses.
  4. Update the accounts when needed.
  5. Click OK after choosing all your desired accounts.
  6. (Optional) You will be prompted to update Classes if the class feature is turned on.
  7. You will receive a confirmation screen that your accounting preferences have been updated.

If the oncome tax payment is downloaded on your Banking page, you can match it with the one you've recorded in the system. Let me show you how:

 

  1. Go to the Banking page, and make sure to select the checking account.
  2. In the For Review tab, find the income tax payment and click it to highlight.
  3. Select Find match.
  4. Change the From and To dates if necessary.
  5. Check the correct tax payment.
  6. Click Save.

For additional information on this, I recommend the following article: How to add and match downloaded banking transactions.

 

You're always in good hands here in the Community. If you need more help with your transactions, please leave a comment below. Wishing you and your business continued success!

pradiyyz
Level 1

Income tax paid from chequing account- how to categorise it ?

I apologize, I worded the question wrong. I meant corporate tax paid. How to categorize that transaction from review tab of my cheatingo account

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