How to adjust the Tax Payable account?

Kristy Millar-Neuendorf
Kristy Millar-Neuendorf Member Posts: 3 Novice Member Novice Member
I started a new company file in July 2019. my accountant has just recently discovered i have made a mistake in my BAS from 2019 when he did a GST reconciliation. I have paid the outstanding amount to the ATO but how do I put this payment into Reckon? My accountant said to adjust the opening balance of the tax payable register? But i can't work out how to do this?

Comments

  • Kris_Williams
    Kris_Williams Member Posts: 3,761 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert
    edited May 2020
    It will be a journal entry, one side to Tax Payable and the other side to Opening Balance Equity or retained earnings, you should ask the accountant to give you the details of the journal
  • Kristy Millar-Neuendorf
    Kristy Millar-Neuendorf Member Posts: 3 Novice Member Novice Member
    edited May 2020
    Thanks Kris this worked!  cheers Kristy
  • Kris_Williams
    Kris_Williams Member Posts: 3,761 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert
    edited March 2020
    Good to hear