How to add Corporation Tax line

Hi all,

At year end, how do I automatically add the corporation tax line to the P&L, and also the Tax payable to the Balance Sheet?

Tax payable is an automatically created liability account that appears on the balance sheet when you use a tax code. See the Guide:

But Tax payable does not relate to taxes on income, since so many things can affect that. It records the liability a company has for taxes, such as VAT or sales tax, collected by the business on behalf of the tax authority. Such tax will eventually be remitted to the tax authority.

If, by “corporation tax,” you mean a tax on corporate income, you should create an expense account in the chart of accounts. See the Guide:

Manager is not tax software, so it will not figure how much tax you owe on income. But to record tax paid, Spend money from a cash account and post the transaction to the expense account you created for that purpose.

You can’t automatically add the corporation tax line but you can set one via Settings - Chart of Accounts and then use a Journal. Also for the Balance Sheet set up a Liability account called Provision for Corporate Tax. Same process would apply for Dividends if applicable

If you read the below topics they provide solutions amongst a lot of discussion

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