Year End Processing Issues

I ran the year end process, but the calculated retained profit is wrong.

My observation is the process has not taken into consideration:

  1. Previous Years Retained Profit
  2. Corporation Tax

How do we resolve this?

In what way is it wrong? To high or to low? If you had created your corporation tax journal then it should have been fine.

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Isn’t the corporation tax amount automatically sourced from Tax Summary report?

Could you please advise what kind of journal entry do I need to create??

Many thanks

Before year end your journal would include both corporation tax and corporation tax charge for the year nominals.

Once the amount of tax is entered you run the year end process.

This should then add the Corp tax to the balance sheet as being owed and thus reduce retained profit.

No its not automatic because corporation tax amounts can vary depending on a whole host of tax reasons which quickfile would never know about.

The tax summary is literally just based on a percentage of your net profit. So it would be foolish to assume that’s the correct figure when it might not be.


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