Hello, I’m new here and hope I’m not asking a silly question. I’ve searched but can’t find a thread that applies.
I have a small ltd company with just two directors. I moved onto quickfile from quickbooks this year and am doing my annual accounts to send to the accountant. The accountant does all our payslips and tax for us, I’m just using quickfile to log everything.
Corp tax and PAYE were showing as assets on my balance sheet. I have sorted the corp tax problem using journal entries, that I saw on one of these threads, but can’t work out the PAYE.
When we get our payslip from the accountant, we pay ourselves and then I log it on the banking on quickfile. This seems to work and shows fine on our reports.
But we also have to pay a quarterly PAYE amount to HMRC. Again, I have just logged this as being paid through the bank account but don’t know what journal entry to do as it is the total of those four amounts that shows as an asset. Can I debit PAYE and credit something else to balance it out like I did with the corporation tax?