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Income Tax General Ledger entries Expand / Collapse
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Posted 14/08/2014 8:58:45 PM
Junior Member

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Group: Forum Members
Last Login: 14/08/2014 8:51:11 PM
Posts: 1, Visits: 2
Hi,

I am a new user of MySF and i have a question about how income tax is calculated for the purposes of the General Ledger.

Income tax expense appears in the P&L, but there does not seem to be any income tax expense entry in the GL, nor an income tax payable amount on the balance sheet.

Do I need to do anything else in relation to income tax calculations/entries before I have my audit completed and tax return prepared?

Your advice would be appreciated.
Post #4968
Posted 17/08/2014 2:44:31 AM


MySF Administrator

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Group: Administrators
Last Login: 26/07/2017 11:15:18 PM
Posts: 254, Visits: 1,078
Hello,

You need to run the year end rollover by going to Superfund Administration > Start Rollover. This will provide the income tax expense calculations on the P/L report and move amounts between general ledger accounts resulting in an updated Balance Sheet.

Regards,

MySF
Post #4969
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