Managing Imputation Credits Account

DarranDarran Member Posts: 24 ✭✭

Hi all, going through a process of tidying up a few years of data and have a question that I've not been able to find a clear solution for. What transactions do users post to clear out / reduce the ever growing balance in the Imputation Credit account.

As each dividend cycle comes around, PP2020 applies an imputation credit to the Imputation Account, but when each tax refund comes around, I never know how to clear out the balance. Appreciate any assistance in what entries should be written.

Thanks in advance.

Comments

  • Kris_WilliamsKris_Williams Member Posts: 1,184 ✭✭✭
    edited September 30

    I use retained earnings for this type of thing. I do a journal when the accountant has finished the financials and bring my balance sheet into line with his/hers. But I use Reckon Hosted, not Personal.

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