how to record income tax payment

NMP
NMP Member Posts: 2 Novice Member Novice Member
in Reckon One

Hi,

I am new to ReckonOne and while searching the forums came across a couple of similar questions, but they were asked w.r.t either Reckon Accounts Hosted or Reckon Accounts Desktop.

I am looking for a way to record Income Tax payment on ReckonOne. I cannot book it as an expense since this will impact my P&L.

What is the correct way to book an income tax payment (so it is deducted from the bank account) without it impacting P&L

Answers

  • Lizwebster
    Lizwebster Member Posts: 13 Reckoner Reckoner

    Hi

    surprised this has not been answered - you don't say if it's Terminal tax or Provisional tax- post it/book it to a balance sheet account called " Tax liability" or something close or if there isn't one, set up one as a current liability and name it with the tax you paid.

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