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How do you record a tax payment ?

Sebastien Matte   ( User )

Commented 3 years ago

Hello, I'm trying Akaunting to see if if works for me. I bought the double-entry module, then I created some accounts, some incomes & expenses to test, and now I need to figure out taxes payments :

I'm in Canada - Québec so we have two taxes and I need to report them, and pay them, every 3 months.

I need to record a payment coming from my bank account and that this payment will go to the two tax accounts created and bring them to zero, per the payment.

How do I do that ?

Thanks !

Melda Melda   ( User )

Commented 3 years ago

Hi Sebastien,

You can create Journal Entries related to your accounts.

Sebastien Matte   ( User )

Commented 3 years ago

Yes, I figured that much. What confused me is that when I configured the payment, the quarterly tax report did not update the total, showing the tax total, collected minus paid, only.

Looking in the chart of accounts' Great Book for my tax account there I could see the balance updated with the payment.

I can see why you proceeded so.

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