Accounting for corporation tax & year end roll-over

Accounting
1

Hi team

Just a quick question before I close out my year end to ensure I have everything correct.

I’ve reconciled my bank accounts, entered all my sales and purchases and have run a full year p&l. Am I correct that to account for corporation tax I need to post a journal, debiting GL8500 (Corporation tax for the year) and crediting GL2320 (corporation tax). Once this is done I propose filling the QuickFile Year End close process.

My questions are:

  1. Is this the right order to do things?
  2. Why is GL code 2320 showing as locked in the assets & Liabilities section of the chart of accounts?

Many thanks

2

Hi @PaulW

It’s usually best to double check with your accountant (the QuickFile support team aren’t accountants). Typically, HMRC would confirm what you owe through your year end filing. Once this is done, you can record the Corporation Tax through a journal - see here: Entering Corporation Tax - #5 by QFMathew

The lock means it’s a system code. Some codes are used in different parts as part of the platform functionality, so they can’t be deleted or edited.

Hope this helps!

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