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A
agapebuildersltd
June 4, 2024
Question

How to do a journal entry for non deductible expense (meals) at year end to match the record with the t2 tax return? 50%

  • June 4, 2024
  • 1 reply
  • 0 views
my meals and entertainment for the year is 2576 but when i was doing my t2 using turbo tax it automatically did the calculation and only 1288 is the deductible so my profit and loss doesn't match with my t2. Do i have to do a journal entry? if yes can you give me what accounts to use. thank you

1 reply

A
Alex M
June 4, 2024

Hi there agapebuildersltd,

 

Thanks for reaching out about your totals. QuickBooks Online is a great tool able to help you keep track of sales and expenses so you can know the profit of your company. I can point you in the right direction for assistance with this adjustment.

 

To know what transactions should be used to make an adjustment, I recommend reaching out to your accountant. Their expertise will be able to guide you in choosing a journal entry or another transaction type, as well as how to affect each account for the totals to be balanced. You can invite your accountant by going to the My Accountant section and entering their contact details. You can also find an accountant near you by clicking on the Find a pro to help button in that tab.

 

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

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