How to balance an account?

Jean-David Beyer jeandavid8 at verizon.net
Sat Mar 16 13:20:43 EDT 2013


I have a liability account where I keep the state end-use tax due on all
my purchases. I put the amounts in to the nearest cent. My income tax
program (TaxAct) rounds all values to the nearest dollar, and the state
government considers this acceptable. I pay the tax along with my state
income tax return (specific line item for this on the tax form).

But now when I make the tax payment, the liability account does not
balance. I need, this year, to put another $0.48 payment in there to
balance the liability account, but from what account would I take it,
since it would be wrong to take it from the cash, or the checking
account? In fact, it seems to me that it would be wrong to take it from
any account. I could set up an Equity account for this, but that feels
wrong too. I cannot enter it as a refund from the government either,
because if I do, it would be income that is taxable on my federal tax
return.

What is the right way? I cannot be the first person to have this problem.


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