Hello Everyone,
How do I incorporate Income Tax Account into my Profit or Loss statement?
I want to open an account (income tax) i.e. company tax % setup and calculates itself on the P/L statement how do I go about doing it?
There is no way to set up an account that will calculate income tax by itself. Accounts only reflect the entries you post to them.
Whether income tax even belongs on the profit and loss statement depends on your tax laws and form of legal organization. For some forms, income tax is an expense of the business. For others, it is an expense of the owner or partners and does not appear in the accounting records of the business.
You have asked the same question in another thread. Please do not double-post questions. I am closing this topic.