reckon one income tax expense account attributes
I have been recording company PAYG instalments paid to ATO (on their estimated basis) during the year to an "Other Current Liabilities" account.
When I do my company income tax calculations, I think I need to post a journal to decrease the above "Other Liabilities Account" and increase a yet-to-be-created Income Tax Expense Account.
Can anybody tell me what attributes this new Income Tax Expense Account should have? ie should it be classed as "Other Expense" and what Tax Code should it have.
Any pointers appreciated.
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