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Super Contributor *

Tax-Line Mapping for bank account

I'm adding a business checking account to my Chart of Accounts.
I don't know what to choose in the Tax-Line Mapping field.
This account receives payments (direct deposit (ACH), checks, etc.) and sends out money (payments to vendors, suppliers, partners, etc.)
The company is a SMLLC,

Solved
Best answer 07-15-2019

Accepted Solutions
Established Community Backer ***

Re: Tax-Line Mapping for bank account

Bank accounts hold money, they are not transactions that impact on your taxes, so they do not map to a tax form.  Taxes are income and expense.

 

1 Comment
Established Community Backer ***

Re: Tax-Line Mapping for bank account

Bank accounts hold money, they are not transactions that impact on your taxes, so they do not map to a tax form.  Taxes are income and expense.