How to settle the tax payable account from manager. As per some reference from FAQ, they are mentioning to replace Tax liability (which created by manager) with created by us. Then how to replace for the same.
- actually pay your tax authority from your physical bank account
- Import your bank statement
- there will be a payment entry in the bank import corresponding to the payment to your tax authority
- The component of this which is your payment of the tax liability needs to be allocated to your Manger tax liability account
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I’ve searched the guide and it only mentions how to create and use ‘tax codes’, but I can’t find how to record a tax payment. I even created a ‘Tax Payable’ account. But the payment cannot be recorded as it works like any other liability entry.
It is not clear what you mean by this, because a tax payment is, in fact, just like payment of any other liability. You choose the bank account from which the payment will be made. Then you choose the tax liability account that the tax code was linked to and enter the amount of the payment. The net effect is to debit the tax liability account (reducing it) and credit the bank account (also reducing it).
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Okay, Thank you.
Can you please guide me how to link tax liability account with the tax code?
Read the Guide you say you already searched.
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