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csanregret
May 27, 2020
Question

Applying tax payment to a yeaar-end journal entry

  • May 27, 2020
  • 1 reply
  • 0 views

Our accountants booked year-end entries related to Corporate and GST tax payable. Because this is a journal entry, the payable is not in the vendor payable sub-ledger but is in the Balance Sheet. How do I pay this bill and allocate it to the journal entry?

1 reply

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Nick K
May 27, 2020

Hi csanregret,

 

A journal entry is a great way to put information into the proper account so you can make corrections or enter historical data. I'd like to help explain journal entries and point you in the right direction.

 

When you use a journal entry it enters or removes an amount from the account that you select. Since a journal entry has nothing linked to it to create a bill there is nothing for you to pay in the Pay Bills screen. You would need to create a journal entry to balance the account at this point. I'd suggest contacting your accountants and getting their assistance with what needs to be credited and debited for each account.

 

Have a great night. 

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