Journaling and tagging Corporation Tax Paymen

[visumgroup]

Hi There
I am trying to get our accounts moved into QF out of QB We had a CT payment in July 2013 to enter. I followed this guide:

http://community.quickfile.co.uk/t/entering-and-paying-corporation-tax-liability/740/2

But when going to the bank there are no transactions to tag, the journal entry looks just like yours in the picture but I cannot tag it and it is not getting deducted from the balance.

Does tagging not work back a few months?

the account is ***1427937

Thanks in advance
Darren

[Parker1090]

Hi @visumgroup. I’m a Sole trader, so don’t have any knowledge of Corporation Tax, but I’ll try and help you

The journal in the post you’ve mentioned by Joe simply ‘moves’ the amount entered from one nominal account to another, so it wouldn’t actually create a bank transaction to be tagged. In order to have a taggable transaction, you need to enter it into your bank account (either manually or using a feed, like the Barclay feed, or the Chrome plug in - see http://help.quickfile.co.uk/main/1/quick_file_bank_feed_plugin.htm)

Following Joe’s previous post with the tagging, you need to tag the payment as a ‘Tax Payment to HMRC’, which (I’m assuming) would enter this payment into the nominal code of 8500. The journal would simply be a balancing act.

Hope this helps! If I’m wrong, I’m sure someone will quickly correct me

[visumgroup]

thanks, makes sense, I just followed this guide, guess it assumed the amount would be in the bank already, so I have done it back to front sort of thing, its because we are back filling to our opening yr start balance.

thanks for your help, much appreciated and makes perfect sense now.

best
Darren