please give the examples of the journal entries to be passed while recording tax payment
Corporation tax payment
01. For tax estimates
Debit Corporation income tax ( expenses type P/L )
Credit Corporation income tax liability ( liability type)
02. For tax payments use the check screen and select Corporation income tax liability under the Category.
03. Over/Underestimates adjust as in 01. journal for underestimates, if overestimated enter it as negative amount.
Comment back for further clarifications
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.