Tax Payable account slightly out due to whole dollars submitted to ATO. How to adjust

Michelle Munchow
Michelle Munchow Member Posts: 4
edited January 2020 in Reckon Accounts (Desktop)
How do I write off the difference in my Tax Payable account due to the fact that we only deal in whole dollars to ATO. Have always been slightly out but would like to get it to match. What would the general journal entry be.

Comments

  • Charley
    Charley Member Posts: 541 ✭✭✭
    edited January 2020
    Rounding expense the difference
  • glendaveale
    glendaveale Member Posts: 176 ✭✭
    edited August 2017
    That's what I do also.  Created an expense account called Rounding and then the accountant deals with it at tax time.

  • Charley
    Charley Member Posts: 541 ✭✭✭
    edited January 2020
    It would be lucky to be a couple of dollars; not material