Small business - takings by owner and taxes.

[Robert Ramsdell]

In answer to your second question:

On Wed, 2006-04-19 at 12:40 +0800, Wouter van Marle wrote:
> Hi all,

> 
> Then I've a small issue with last year's tax. The 2005/06 tax year has
> just ended (the fiscal year starts on 1/4); but I only just got the tax
> payable over the '04/05 tax year. That should be an expense for the
> previous year, however the payment will be done in this year of course.
> Any easy way to correctly do this?

Book the '04/'05 tax as an account payable (a liability) on 03/31, then
when you pay it, create a transfer from your checking to this liability.

Robert