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Paying corporation tax

Question asked by Mark Cooper 3 years ago

I have read this article: https://www.clearbooks.co.uk/support/guides/intro-accounting/new-navigation-record-corporation-tax/ And created a Journal entry which debiting Tax Expenses|Corporation Tax and crediting Current Liabilities|Corporation Tax

The owed corporation tax appears as expected on my Tax and Dividends dashboard.

However, step 2 of the guide tells me to create a bank payment and assign that to Current Liabilities|Corporation Tax, however I can only see Tax Expenses|Corporation Tax in the Accounts drop down.

Is there are a setting that will show this liability, or account so I can assign a payment from my statement?

2 Replies

Hi Mark,

It sounds like the account code hasn't been set to show in purchases, so that's why it isn't appearing in the drop-down. To amend this, head to Settings > Accounting > Account codes and locate the Corporation Tax code (it's near the bottom of the list, under 'Other creditors'). Once you have found it, check the box under the 'Show in purchases' column, then scroll down and click 'Update' to apply the change.

file Once that has been updated, that account code will now appear in the drop-down when you go to allocate the Corporation Tax payment again.

I hope that this has been helpful. If you are still having any problems, please do let us know.

Kind Regards,

Natasha

Thanks @Natasha that has resolved my problem.

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