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bpon4425
Level 2

Every month our company pays VAT, Salary Tax and Profit tax. I know how to deal with VAT and Salary tax payments but how to add a Profit tax payment?

 
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Best answer January 15, 2020

Best Answers
ShiellaGraceA
QuickBooks Team

Every month our company pays VAT, Salary Tax and Profit tax. I know how to deal with VAT and Salary tax payments but how to add a Profit tax payment?

Hello bpon4425,

 

You can create a journal entry to record your Profit Tax. However, I suggest consulting your accountant before doing this so you'll know what account to use in recording this.

 

I'm also adding this article in case you need some for future reference. Here's the link: Help Articles for QuickBooks Online.

 

Thank you for visiting the Community. Please know that you're always welcome to come back if you have questions. Have a wonderful week ahead.

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4 Comments
KhimG
QuickBooks Team

Every month our company pays VAT, Salary Tax and Profit tax. I know how to deal with VAT and Salary tax payments but how to add a Profit tax payment?

Greetings, @bpon4425.

 

QBO US currently doesn't support Profit tax. Can you tell me what country you're in and the QuickBooks version you have? 

 

Recording taxes like this depends on the rules and regulations per country. Any information you can provide will get us closer to the resolution.

 

I'm looking forward to your response. Know that I'm always here to help if you need anything else. Have a good one!

bpon4425
Level 2

Every month our company pays VAT, Salary Tax and Profit tax. I know how to deal with VAT and Salary tax payments but how to add a Profit tax payment?

Hi,

I am in Lao PDR. So I know that it can't come off my profit and loss statement, but to keep my accounts accurate I want to be able to record that that money has left the account.

Brendan

ShiellaGraceA
QuickBooks Team

Every month our company pays VAT, Salary Tax and Profit tax. I know how to deal with VAT and Salary tax payments but how to add a Profit tax payment?

Hello bpon4425,

 

You can create a journal entry to record your Profit Tax. However, I suggest consulting your accountant before doing this so you'll know what account to use in recording this.

 

I'm also adding this article in case you need some for future reference. Here's the link: Help Articles for QuickBooks Online.

 

Thank you for visiting the Community. Please know that you're always welcome to come back if you have questions. Have a wonderful week ahead.

View solution in original post

bpon4425
Level 2

Every month our company pays VAT, Salary Tax and Profit tax. I know how to deal with VAT and Salary tax payments but how to add a Profit tax payment?

Thank you for that, yes I always consult there first, and then ask when I have not been able to find an answer

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