Skip to main content
F
FreddieM2
March 2, 2023
Question

Opening balance in a tax payable account

  • March 2, 2023
  • 1 reply
  • 0 views

I am just starting to use Quickbooks and I need to know how do enter an opening balance in a tax payable account. Tax rebate from previous year still outstanding as of Jan 1st

1 reply

A
Alex M
March 2, 2023

Hi there FreddieM2,

 

It's important that all your account balances are accurate so that your books can be well balanced. QuickBooks Desktop is a great tool able to help you keep track of sales and expenses in order to see the profit of your business. I can provide some information about opening balances.

 

In order to enter the opening balance, you can follow the steps in this article. As that would be a liability account, you would need to follow the steps in the Asset, liability, and other types of accounts section of the guide.

 

If you have any other questions, feel free to reach out here.

Terms & ConditionsAccessibility statement