Hi,
Have been trying out the trial package with some company data, can you tell me the correct way to record Corporation Tax deductions in Solar Accounts. I deduct my Corp Tax on a monthly basis.
Regards
Alan
Hello Alan,
I assume you want to record a corporation tax expense each month to
work out your after-tax profit, but you only pay your corporation tax
liability once a year.
To record the monthly tax expense, create a new General Transaction
from the 'Corporation Tax Liability' account to the 'Tax Expense'
account.
To record your annual tax payment, create a new Money Paid Out
transaction allocated to the 'Corporation Tax Liability' account, and
with a VAT Treatment of 'Out of Scope'.
For more information, here is our help page on this topic:
http://www.solaraccounts.co.uk/help/how-to-record-an-annual-tax-liability.php
Mark,
Many thanks
Alan