Manipulate tax payable account

1

Hello,

I have a problem manipulating the ’ tax payable’ account because I cannot seem to be able to select it from either the bank tab, or the journal (it doesn’t list).
I would like to use a journal entry to change the value after having my VAT filed/ paid.

anyone any ideas?

Thanks a lot in advance,

2

The built-in Tax payable account is a placeholder. It should not be used for actual transactions.

Furthermore, journal entries cannot be used to enter transactions involving movement of funds into or out of the business. When you remit VAT due to the tax authority, you should use a payment.

3

thank you very much.
This means I have to change the built-in account, or create a new one? (the last option means I have to start from scratch I think?)

thanks again,

4

Create a new one. But you need not start from scratch. Depending on the transactions involved, you could use Find & Recode or Batch Update. Further guidance is not feasible without more specific details of what you want to change.

5

thank you. I am going to try and start over, because apparently I cannot get the current value of ‘tax payable’ down to zero. I will make a new tax account, and point my tax codes to that one.

6

I would like to suggest to you create a test business and use custom tax payable accounts and
After that when you are confident about usage then use it in your original bussines. @J-curve

7

thank you.
I did, and thought I was confident about things, but then I ran into this. Seems I keep starting over :slight_smile: One more thing if you have a sec.; once I have created a custom tax account, how do I get rid of the unused ‘tax payable’ account? it keeps showing up in my summary

8

Mark it as inactive then it will not show in your summary.

9

sorry, that account does not have that option

10

There are already several posts about this. You can find them by searching the forum. In this one the developer mentions that it is a placeholder account.

Did you select your country under Settings > Business Details? This will activate the default tax codes for that country.

From your name I guess you are Dutch? Then you may want to read this post.