Income Tax PAYG installment

Lee-Anne

I am currently setting up a chart of accounts for a company that has been purchased. The company has an outstanding PAYG Income tax instalment, we are paying. How do I enter this as a liability so that when I process the payment, allocating this to the PAYG Income Tax Liability (Other Current Liability) there is a zero balance going forward?

Kris_Williams

You could enter a journal or a bill to Australian tax office and allocate to the PAYG income tax liability account, then as it gets paid off the balance owing decreases

Zappy

That's it precisely Kris.

Lee-Anne

Thank you

Joydeep Singh

Hi Lee-Anne,

You may follow the steps on this link https://kb.reckon.com.au/issue_view.asp?ID=5487 to enter the opening balances.