Tax Payable on Balance Sheet

The Tax Payable account and balance is not showing on the Balance Sheet! Have checked over the set up etc. If I post to the Tax Payable account by general journal that amount only shows on the balance sheet.

Comments

John G

Hi Norma,

Welcome to the Reckon Community.

If you set the date range to all, does the Tax Payable account appear?
Do you have a Tax Payable account and amount on a Balance Sheet Detail Rep

Let me know.

regards,
John

Norma Whittaker

Hi John

Set the date range to All and the Tax Payable account appears with only the two general journal entries showing a balance of -$10639

This is the same for the Balance Sheet Detailed Report

Is there a tick box in the set up which can include/exclude an account from appearing on the balance sheet??

Many thanks

Norma

John G

Thanks Norma,

A few more questions:

Go to your Supplier Centre and right-click the Australian Taxation Office and select Edit.
Is the box Supplier is a Tax Agency ticked?

Click on the Tax Agency Info tab - what is the account in the last two boxes for tracking Tax?

regards,
John

Norma Whittaker

HI John

Yes the Tax Agency box is ticked and the tracking tax boxes are 2-5500 Tax Payable account for sales and purchases.

Cheers, Norma

John G

Thanks Norma,

and you have transactions that have included Tax codes?

You'd best resort your lists, rebuild and verify your file. Repeat rebuild and verify until a "no errors found" message is received. A guide is available at
https://community.reckon.com.au/reckon/topics/rebuilding_a_datafile_in_accounts_business

Hope this resolves your issue.

regards,
John

Norma Whittaker

Hi John

Yes I have transactions that include Tax Codes. The register of 2-5500 Tax Payable is correct and the Tax Reports to complete the BAS are correct and it all reconciles. The amount just does not show on the Balance Sheet.

Will let you know if the issue is resolved.

Cheers, N

Norma Whittaker

Hi John

I have completed 15 verify and rebuilds and the message I receive on completion is - Rebuild has completed. The Tax Payable amount still does not show on the Balance Sheet.

Any other suggestions

Cheers, N

Graham Boast

Hi Norma

When you run the Balance Sheet, Does it say "Cash Basis". If so, Change the reporting preferences in Edit > Preferences > Reports & Graphs > Company Preferences as follows:

Default Reporting = Accrual and Net. (irrespective of whether Cash or Accrual GST)

The behaviour you describe is consistent with a Cash setting and no Cash transactions to report yet.

Graham Boast
Reckon Accredited Partner
graham@reckonhelp.com.au

Norma Whittaker

Many thanks Graham

The report basis was Accrual and gross - changing it to net has included the Tax Payable on the Balance Sheet. Hooray!!

I will sleep better tonight

Cheers, N

Accounts @ Fincor

Graham,

Thank God for you!

You have saved my life!

The pressure was on and I have found this post get the Tax Payable to pull through to the Balance Sheet!

A million times thank you :-)))