Tax Payable account slightly out due to whole dollars submitted to ATO. How to adjust
Michelle Munchow
Member Posts: 4 ✭
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.
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Comments
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Rounding expense the difference0
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That's what I do also. Created an expense account called Rounding and then the accountant deals with it at tax time.
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It would be lucky to be a couple of dollars; not material0
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