Skip to main content
P
pondball
December 14, 2022
Question

How do you record interim tax instalments in QBO

  • December 14, 2022
  • 1 reply
  • 0 views

Scenario: Small business/two partners in General Partnership - one partner needs to pay interim tax instalments a couple of times a year

 

Q1: Using $5000 as the number, and two payments in 2022, to go towards 2023 income tax payment for the year 2022 –– how is this recorded when paid from the Business Account?

 

Q2: Using $10,000 each and similar to above scenario, two people paying income taxes in 2023 for the year 2022  –– how is this recorded when paid from the Business Account?

1 reply

J
JamesM4
December 14, 2022

Hi pondball,

 

Welcome to the QuickBooks family! When it comes to managing your assets, QuickBooks is the go-to program that enables you to manage your work with peace of mind. I'll be happy to share more info so you're on the right track with your work. 

 

In order to accurately record your transactions, I highly recommend consulting an accounting professional for expert advice. This ensures your books remain accurate while you continue to manage your work with peace of mind. You can also get in touch with a professional using this link here. Other accounting professionals are able to see this post in the Community and this will allow them to chime in. 

 

Let me know if this info helps. Otherwise, you're more than welcome to ask other questions in the comments below.

Terms & ConditionsAccessibility statement