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Journal entry re Income Tax Due

Peter C · 2007-11-14 07:40:35

Finalising my year end accounts, I want to put in a journal entry for IT due, I am assuming I credit IT due under current liabilities and debit ???? I am using Quickbooks. Thanks

14-11-2007 7:40am

#1

Peter C

Registered Users, Registered Users 2 Posts: 121 ✭✭

Join Date: June 2004

Posts: 109

Finalising my year end accounts, I want to put in a journal entry for IT due, I am assuming I credit IT due under current liabilities and debit ????

I am using Quickbooks.

Thanks

0

Comments

#2 14-11-2007 3:16pm

JoeTurner

Registered Users, Registered Users 2 Posts: 201 ✭✭

Join Date: June 2004

Posts: 189

Hi Peter,

You should debit a profit and loss account - not sure if you're a sole trader or company but it should read either income tax or corporation tax expense.

I don't use quickbooks myself, I use mamut and the applicable nominal code begins with 8.

Hope that helps - please feel free to pm if you need anything more

Joe

0
#3 14-11-2007 3:39pm

Peter C

Registered Users, Registered Users 2 Posts: 121 ✭✭

Join Date: June 2004

Posts: 109

Thanks,

I therefore assume I add back the IT due when I am computing my net adjusted profit tax comps?

0