Tax Payable account slightly out due to whole dollars submitted to ATO. How to adjust

Michelle MunchowMichelle Munchow Member Posts: 4
edited January 4 in Accounts Business Range
How do I write off the difference in my Tax Payable account due to the fact that we only deal in whole dollars to ATO. Have always been slightly out but would like to get it to match. What would the general journal entry be.

Comments

  • CharleyCharley Member Posts: 549 ✭✭
    edited January 4
    Rounding expense the difference
  • Glenda VealeGlenda Veale Member Posts: 178
    edited August 2017
    That's what I do also.  Created an expense account called Rounding and then the accountant deals with it at tax time.

  • CharleyCharley Member Posts: 549 ✭✭
    edited January 4
    It would be lucky to be a couple of dollars; not material
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