Dating US Tax Payments
alspach at math.okstate.edu
Fri Apr 9 11:32:36 EDT 2004
When faced with needing to have both accrual and cash basis information
I sometimes add extra transactions to leave a trail. Instead of putting
the tax to be paid in the next year into a tax payments (expense) account
put it into a "current year expenses to be paid in the following year"
expense account (a carryover account). When you actually make the payment,
make two "transactions" (I would record this as one transaction with
splits). The actual payment credits some asset account and reduces the
tax liability; a second transaction moves the expense from the carryover
account (credit) to the tax payment account (debit). The tax payment
account tells you the cash basis payments you made.
I am not an accountant so if you need to follow strict rules (GAAP, FASM,
etc.) you should contact an accountant about the right way to do this.
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