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loudy
September 17, 2019
Question

How do I record the corporate income tax installments in quickbooks onlineHello,This year I was asked my CRA to make 4 installments payments (quarterly).

  • September 17, 2019
  • 1 reply
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How do I record the corporate income tax installments in quickbooks online

Hello,

This year I was asked my CRA to make 4 installments payments (quarterly).

I used to pay the income taxes every year when I file my income tax but they said I have to pay as installments to avoid any interest because my taxes over 3000.

What is the simple way to record that in quickbooks.
What accounts should i create or use.

Here how I'm doing now to record the payment after I file my income tax end of the year:
I do a Journal Entry as the following

Debit: Canada Revenue Fedral tax (expense account)
Credit: RBC (Bank Account)

Please help

1 reply

J
JamesM
September 17, 2019

Hello there,

 

I appreciate you reaching out to the Community. I want to make sure you get the best answer on how to enter the transactions. 

 

I recommend contacting an accounting professional. If you're not in contact with one, I encourage searching for one on our website using this link here. Doing this will help prevent any future discrepancies. Let me know if you have other questions. I'm here to assist.

L
loudyAuthor
September 18, 2019

Thank you JamesM,

 

The reason I posted here in the community and not to ask for your team support as this is just basic JE entries that I need some directions,

 

The whole year i have only between 10 to 15 sale in my business, hiring an accountant will not make the cut as my business is straight forward. I need is to have some advise to how to record that. 

 

Thanks 

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