DESKTOP EDITION CLOUD EDITION SERVER EDITION GUIDES FORUM

How categorize Tax Return or tax expenditures


#1

This may be a really obvious. Just a double check.
If my business gets a tax Return or tax expenditures, is it correct if I make a bank transaction of the tax amount and categorize it on the tax payable? And use ‘-’ if I transfer a tax expenditures?


(tax Return)


#2

when you pay the tax to your government which is a liability, enter the transaction by selecting the account Tax payable as you have shown in your screenshot.

what do you mean by tax expenditures? the tax liability is automatically calculated from your sales and purchase invoices if you select tax codes. you do not have to enter any tax liability manually.


#3

Thanks for your quick respond. With tax expenditures I mean when you pay tax to your government. I forgot that you have two options when you make a transaction… That’s what I meant by use ‘-’
image


#4

Whether spending or receiving money, enter the amount as a positive number. Manager automatically converts to negative numbers as necessary according to the type of transaction being entered. Only in unusual situations, such as when showing a discount as a separate line item or creating expense budgets, are negative numbers entered.


#5

Check, thanks