Tax payable account

1

Hi I use the free version of manager and have updated to V21.7.22. My chart of accounts now shows a new account “Tax Payable” with a balance that appears to be the equivalent to my “GST Payable” account (give or take a couple of dollars). Is this a bug or error in the software? regards

2

Solved my problem. Last update (21.7.22) changed my default GST tax codes to link to Tax Payable account (for some reason). Re-Linked codes to GST payable. Tax payable account now is zero and does not show on my reports

3

Hi @lubos

If there any way of journal for “Tax Payable” aka GST account as it was accumulated over the year without able to clear them out year to year basis

4

When you pay GST, allocate the component of that payment to the GST payable account.

Note if GST is paid as part of your BAS payment, other components will need to be allocated to other accounts (employee tax withheld, personal/company provisional tax)