reckon one income tax expense account attributes

dnorgard
dnorgard Member Posts: 3 ✭
in Reckon One

Hello

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.

Thanks

Dennis

Comments

  • Kris_Williams
    Kris_Williams Member Posts: 3,191 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert

    There is no tax code for Income Tax expense, and it could be classed as Other expense, but I usually wait for the accountant's reports and then do a journal to bring things into line with them

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