Is there a way to set up fields so that based on income put into system (sales), I can show the amount of tax that is due to US IRS based on my NET Operating Income on the P&L Statement?
No. If you are a sole proprietor, the company doesn’t pay income taxes. All profits/losses are passes through and reported on the owner’s Form 1040 Schedule C. If a partnership, profits/losses are passed through to the partners. In either case, tax owed depends on many other factors, notably what tax bracket you are in. Even for a corporation that does pay tax, NOI is only one input. Many factors are outside Manager’s knowledge.
As @Tut said, there are many external variables which could affect your income tax payable amount. But I understand why you want this even if it won’t be 100% accurate. I might implement something that will allow you to show on balance sheet some liability/equity amount based on some formula (e.g. 30% of net profit).
This would be useful if you know you need to set-aside 30% of your profits for tax, therefore giving you more accurate view of financial position without making any custom entries.
That’s what I was looking for. But I didn’t see a way to put in a formula, other than tax.
That is exactly what I would like to achieve. Is there a way to put in a formula or set it up somehow??
Not in current version, possibly within a few months.
let me know when it does
thanks so much
Also interested in this very much. Thank you!