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Set up liability accounts to track estimated income taxes

Create a parent account called Income Tax Payable, and two subaccounts for Federal Income Tax and State Income Tax.

To do this task

  1. Add an Other Current Liability account called Income Tax Payable.

    Do not assign a tax line. You do not need to fill in the other fields.

  2. Add an Other Current Liability account called Federal Income Tax. Make it a subaccount of Income Tax Payable.

  3. Add an Other Current Liability account called State Income Tax. Make it a subaccount of Income Tax Payable.

Example

Income Tax Payable

Other Current Liability

Federal Income Tax

Other Current Liability

State Income Tax

Other Current Liability

Adding the liability accounts

  1. Add an Other Current Liability account called Income Tax Payable.

    Do not assign a tax line. You do not need to fill in the other fields.

  2. Add an Other Current Liability account called Federal Income Tax. Make it a subaccount of Income Tax Payable.

  3. Add an Other Current Liability account called State Income Tax. Make it a subaccount of Income Tax Payable.

See also

KB ID# H_ESTIMATE_INCOMETAX_SETUP
9/30/2016 1:18:43 PM
QYPPRDQBKSWS07 9138 Pro 2017 5b5df3