How to balance an account?

John Ralls jralls at ceridwen.fremont.ca.us
Sat Mar 16 20:04:59 EDT 2013


On Mar 15, 2013, at 2:44 PM, Jean-David Beyer <jeandavid8 at verizon.net> wrote:

> 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.
> _______________________________________________

Where do all of the other splits come from? I'd imagine an expense account, perhaps named Expenses:Tax:End-use Tax. 

Regards,
John Ralls





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