Hey @Johan, how's it going?
If you have paid taxes outside of QuickBooks Online and need to record tax assessments, no worries I got your back! All we need to do is create an expense account called Income Tax in your Chart of Accounts. Here's how:
- Go to the Gear icon, and select Chart of accounts.
- Select Chart of accounts.
- On the right side beside the Run Report button, click the green colored box with New inside it.
- A new prompt will pop up for a New account, select the Expense or Other Expense under the Account Type.
- Fill in the necessary information needed for the expense account scroll down to see more boxes and details to be filled in.
- Once done, click Save.
Once done saving, check your Chart of Accounts if the new expense category has been created successfully.
- Select + New.
- Select Expense.
- In the Payee field, select the Agency name where the income tax payment was made.
- In the Payment account field, select the account you used to pay for the expense.
- In the Payment date field, enter the date for the expense.
- In the Payment method field, select how you paid for the expense.
- Optionally, enter a reference number for detailed tracking.
- In the Tags field, enter the preferred label to categorise your money.
- In the Category details section, select the expense account from the dropdown menu and provide a description. You can also itemise the expense by entering specific products or services in the Item details section.
- Enter the Amount and select Out of scope of Tax. Then, select Save and close.
By following these steps, you can effectively track and record tax payments in QuickBooks Online learn more about tracking your expendetures in QuickBooks Online.
Additionally, you can check out this article to get additional insights and information related to your concern: Run reports in QuickBooks Online.
Feel free to comment below for more questions about other payroll-related topics in QuickBooks Online. I'm sure to help anytime. Have a great day!
