Payment to Tax Authority
Hi
I have a tax report, I owe 1000 to the Tax authority as per the report. My question is when I make a payment to the tax authority does the amount 1000- will disappear from the tax report.
Q1. The account which I should debit should it be defined as a taxable account in the account master ?
Q2. should I be paying from the liability account from RTxxxx which I should debit and credit the bank ?
Q3. When I make Voucher, payment should I do like this,
Debit Credit
RTxxxx(liability a/c) A/P Trade
Payment
Debit Credit
A/P Trade Bank