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June 27, 2020
Question

Income Tax and NI savings - which Account?

  • June 27, 2020
  • 1 reply
  • 0 views

I have a seperate savings account which is for my Income Tax and NI, every month i transfer an amount from my Business account into the savings, this amount does not correspond to the actual Tax and NI i should pay but just whatever i can transfer. 

 

In my previous accounting software i was using an Equity account i called Tax/NI Savings to show the transactions, will this be the same in QB or should i be using another account?

 

I'm self employed and using QB Online.

 

Many Thanks

 

Chris 

1 reply

July 2, 2020

Hi @One Auto , i think you can record as a deposit bank. Just read article : Record and make bank deposits in QBO 

 

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