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 ?
Sorry, but it should have read a -7373 NOT brackets
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.
In accounting, it’s common to wrap negative amounts in brackets. But whether you see minus sign or brackets, it’s the same thing.