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All about Bookkeeping
March 12, 2019
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How to enter corporate tax installment?

  • March 12, 2019
  • 1 reply
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The company is making monthly corporate tax installments.  How do I book this?

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Several options:

  1. Setup a CRA income tax vendor and book payments to AP under that name, later post income tax as bill.
  2. Create an IncomeTax Installments account as a 'current asset' - post installments here, later transfer to tax bill.
  3. Create an Income Tax Due account under current liabilities and post both installments & tax bill there

1 reply

A
Anonymous
Answer
March 12, 2019

Several options:

  1. Setup a CRA income tax vendor and book payments to AP under that name, later post income tax as bill.
  2. Create an IncomeTax Installments account as a 'current asset' - post installments here, later transfer to tax bill.
  3. Create an Income Tax Due account under current liabilities and post both installments & tax bill there
    A
    All about BookkeepingAuthor
    March 12, 2019
    Thank you.
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