I have just received my Corporation Tax liability for my first years trading from my accountant. How do I show this in Solar? Do I just make a general entry between Bank Account and Corp Tax Liability?
Hi Chloe,
You need to record a General Transaction from the 'Corporation Tax Liability' account to the 'Tax Expense' account dated on the last day of your financial year. Then record a separate payment to 'pay off' the tax liability.
See this page for details:
http://www.solaraccounts.co.uk/help/how-to-record-an-annual-tax-liability.php
Regards,
