I'm a sole trader (not a company) and have a TAX PAYABLE account set-up as an OTHER CURRENT LIBALIBITY. I'm assuming this manages GST only and when I manage tax and use PAY TAX or RECEIVE TAX REFUND, then I'm handling GST.
How is income tax handled in Reckon? My example chart of accounts has a DRAWINGS INCOME TAX listed as an equity account and I'm not sure what this is for. How do you track the T7 provisional tax listed on the BAS?
When I pay annual income tax or receive an income tax refund, how is it recorded?
I'm assuming the MANAGE TAX button is only for managing GST though I may be wrong. Where can I get some guidance around this?