Corporation tax repayments

I have just received a refund of overpaid corporation tax from a previous years accounts ( prior to Solar Accounts).
How do I enter this receipt so that the profit & loss is not affected , but the balance sheet shows the increase in capital?
Thank you

P.A Clare - Retford Fluid Power Ltd

Posted by P A Clare on Jan 31, 2012 11:10 AM GMT

Hi P A Clare,

To record the tax refund create a new Money Received transaction from the 'Corporation Tax Liability' account to the 'Cheque Account'.

Regards,

Posted by Mark McLaren (Solar Accounts) on Jan 31, 2012 12:05 PM GMT