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IN: How to record Advance Income Tax Payment in Quickbooks in Indian context ?

 
Solved
Best answer September 26, 2019

Best Answers
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QuickBooks Team

IN: How to record Advance Income Tax Payment in Quickbooks in Indian context ?

Hi anil.kumar,

NB - Please have this advice validated by your financial advisor/chartered accountant.

Income tax paid in advance should be treated like a current asset for the business.

You could record a journal entry debiting Advance IT Paid (Account Type - Current Asset) and crediting Cash/Bank (Account Type - Bank).

Making A Journal Entry

https://contactus.intuit.com/en_IN/kb//000001742_en_US:SALESFORCE


View solution in original post

2 Comments
Highlighted
QuickBooks Team

IN: How to record Advance Income Tax Payment in Quickbooks in Indian context ?

Hi anil.kumar,

NB - Please have this advice validated by your financial advisor/chartered accountant.

Income tax paid in advance should be treated like a current asset for the business.

You could record a journal entry debiting Advance IT Paid (Account Type - Current Asset) and crediting Cash/Bank (Account Type - Bank).

Making A Journal Entry

https://contactus.intuit.com/en_IN/kb//000001742_en_US:SALESFORCE


View solution in original post

Highlighted
Level 2

IN: How to record Advance Income Tax Payment in Quickbooks in Indian context ?

Thanks.