How to enter tax liability?

[jcard21 xxxxxxx]

On Thu, Mar 6, 2014 at 9:02 AM, Jack Tannery <jacktannery at yahoo.ie> wrote:
> I am new to gnucash and
> trying to enter my last three years' business accounts into the programme and
> produce sensible reports.
>
> I wish to enter my
> income tax liability for 2011 (which was paid in 2012) as a liability
> to appear on the 2011 balance sheet. How do I do this? I tried
> creating a new account under LIABILITIES called 'Business Income Tax'
> and adding a liability here of the total that I owe dated 31/12/2011,
> which I was going to later pay off from my bank account in 2012.
> However for some reason GnuCash isn't letting me do this (it inserts
> a second entry below, offsetting it).
>
> What am I missing?
>
> JT.

Welcome to double-entry bookkeeping!

http://en.wikipedia.org/wiki/Double-entry_bookkeeping_system

-- 
jcard21