Looking at the standard chart of accounts in VT Transaction softward the code for corporate tax is showing on the P/L report. Should this be on balance sheet or am I having a senior moment.
It appears in both otherwise the accounts would not balance.
In the P&L it is used in the calculation of the net Profit or loss that is carried forwards to the P&L figure in the equity part of the balance sheet.
In the balance sheet it is recorded as a creditor (liability) even if it is an asset.
Everything balances and the world is good.
As a side note in relation to if the taxes were owed to the business rather than owed to HMRC.
I know that some people are taught that taxes owed to you come in the top part of the balance sheet but VT adheres to the way that I was tought in that positive or negative it remains a creditor. (similarly I was always taught that the bank is always an asset even if overdrawn where some are taught that an overdraft is a liability rather than a reverse asset)
HTH,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
No problems at all Kim, we all have moments like those.
I remember the day that I took my driving test many (many, many) years ago waking up in the morning and could not for the life of me remember which side of the road that we drove on, lol.
all the best,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
No problems at all Kim, we all have moments like those.
I remember the day that I took my driving test many (many, many) years ago waking up in the morning and could not for the life of me remember which side of the road that we drove on, lol.
all the best,
Shaun.
I still panic when I'm on a quiet street and think "am I on the right side of the road or not".
The day of the driving test - here's a laugh. I might even have mentioned it on here before. Took a "last lesson" just before the test. Went through as much as I could with instructor. Then he was thinking what could he do in the last five or ten minutes. EMERGENCY STOP - simple and quick. Except, instead of putting the foot on the brakes, I slammed on the accelerator (automatic car) I can't remember if the instructor laughed, cried or panicked - but I think both of us knew at that point it might require another visit.
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Never buy black socks from a normal shop. They shaft you every time.
