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Business Range: Accounts Business Range
Business Range: Accounts Hosted
Tax Payable account slightly out due to whole dollars submitted to ATO. How to adjust
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Updated 2 years ago
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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.
Michelle Munchow
112 Points
Posted 2 years ago
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2 years ago
Charles van Rotterdam
9,886 Points
Rounding expense the difference
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2 years ago
Glenda Veale
2,400 Points
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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2 years ago
Charles van Rotterdam
9,886 Points
It would be lucky to be a couple of dollars; not material
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