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3 payments made to ATO but they are showing as a liability


#1

In my summary page in the liabilities account there is an amount in brackets (7373.00). These are 3 payments made to the ATO and cleared. can you tell me why please ?


#2

Sorry, but it should have read a -7373 NOT brackets


#3

Payments to the ATO allocated to a liability acccount such as Taxes Payable will result in a negative liability if that liability account does not include the taxes such as GST that you sre paying.


#4

In accounting, it’s common to wrap negative amounts in brackets. But whether you see minus sign or brackets, it’s the same thing.