1997 Tax Payment

1997 Tax Payment

Post by Brady Hamilto » Sat, 11 Jul 1998 04:00:00



I was looking at a few of the tax reports, and
noticed that my payment to the IRS on 15 Apr
this year is in the same category as normal
payroll tax payments.

Is there a way to apply that payment to 1997,
or do I just need to create a new sub-category
(non-tax) for it?

Thanks,

Brady

 
 
 

1997 Tax Payment

Post by Steve Conklan, MV » Tue, 14 Jul 1998 04:00:00


Hi,

There are various ways to deal with this and you mentioned one way.  What I
do (as per a recommendation) is make a transaction for the amount I owe to a
liability account, Accounts Payable or Tax Liability or whatever works for
you and I date it 12/31/97.  Then when I write the check to the IRS, I
"transfer" the money from my checking account to the liability account on
the date I send the check (4/15/98).

Steve


>I was looking at a few of the tax reports, and
>noticed that my payment to the IRS on 15 Apr
>this year is in the same category as normal
>payroll tax payments.

>Is there a way to apply that payment to 1997,
>or do I just need to create a new sub-category
>(non-tax) for it?

>Thanks,

>Brady


 
 
 

1997 Tax Payment

Post by Felix Walderdorf » Tue, 14 Jul 1998 04:00:00


I entered that payment as "other tax".That way it does not*up the tax
I owe the IRS this year.

Felix


>I was looking at a few of the tax reports, and
>noticed that my payment to the IRS on 15 Apr
>this year is in the same category as normal
>payroll tax payments.

>Is there a way to apply that payment to 1997,
>or do I just need to create a new sub-category
>(non-tax) for it?

>Thanks,

>Brady

 
 
 

1997 Tax Payment

Post by Michael Gordon - MV » Wed, 15 Jul 1998 04:00:00


I have a miscellaneous category -- for non-tax-related items -- called
XMiscellaneous. I just use it for the payment.

--
Michael Gordon
MVP - Office


>I was looking at a few of the tax reports, and
>noticed that my payment to the IRS on 15 Apr
>this year is in the same category as normal
>payroll tax payments.

>Is there a way to apply that payment to 1997,
>or do I just need to create a new sub-category
>(non-tax) for it?

>Thanks,

>Brady