Sage Q - recording Corp Tax paid?

[Pot Bellied Fool]

Evening all.

I'm doing my regular catchup of entry into Sage before I pass it all over to my long suffering accountant to make some sense of.

I don't really use the full capabilities of sage but it helps keep things together

Anyway, can anyone help with a quick query?

I'm faced with recording a payment made for Corporation Tax. Err... how do I do that? As a bank payment? (in which case, to which nominal?) or do I have to do some clever mutual debiting/crediting of several nominals all at once?

Thanks as ever!

Back on me head...

[MBHappyBunny]

Hi

If you are paying corpoation tax against last year's profits then you should already have a liability created on the balance sheet somewhere in the 2000-3000 range iirc. (2330?)

You need to make a bank payment to this nominal code.

HTH

[JBM78]

If your accountant gave you opening balance journals (so that the opening balances in Sage matched the opening balances in the statutory accounts), there should be a corporation tax liability already in Sage, a credit balance at around nominal 2300. You should just post a bank payment to this account.

If there is no balance on the nominal yet, post the corporation tax payment to this nominal anyway.


ETA: beaten to it

Edited by JBM78 on Friday 29th January 21:15

[Pot Bellied Fool]

Cheers Guys, much appreciated.

[Eric Mc]

As long as you post it somewhere obvious, your accountant should sort it out when finalising the figures.

As has already been mentioned, IF you have processed the closing year adjustments provided by your accountant after he finalised LAST year's figures, there should already be a Corporation tax liability sitting in the Balance Sheet waiting for the Corporation Tax payment you made to match against it.

What can be confusing to "lay" people is that there are usually two Nominal Ledger accounts labelled "Corporation Tax", one in the Balance Sheet and one in the Profit and Loss account. Your payment needs to go to the Balance Sheet heading.