Income Tax PAYG installment
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Lee-Anne
Member Posts: 7 ✭
I am currently setting up a chart of accounts for a company that has been purchased. The company has an outstanding PAYG Income tax instalment, we are paying. How do I enter this as a liability so that when I process the payment, allocating this to the PAYG Income Tax Liability (Other Current Liability) there is a zero balance going forward?
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Comments
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You could enter a journal or a bill to Australian tax office and allocate to the PAYG income tax liability account, then as it gets paid off the balance owing decreases0
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Thank you
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Hi Lee-Anne,
You may follow the steps on this link https://kb.reckon.com.au/issue_view.asp?ID=5487 to enter the opening balances.
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