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Community > Small Business >

Where do I categorize something like Estimated Tax Payments?

Started by Michael Narciso -   in Small Business

I'm somewhat new to bookkeeping and was using outright.com. It made things simple but I decided I needed to graduate and use something a with a bit more control and precision. However, I'm running into a few hurdles where I have many questions.

Among these questions, I just have one to ask for now...

Under what account do I categorize Estimated Tax Payments that have been posted to my checking account. My first guess was under the Liabilities section 'Income Tax Payables'.
Also, does xero have any tools for figuring out quarterly estimated taxes? I liked that feature from outright.com
 

Michael Narciso  

Michael, have you gone through the help centre, it has an awesome amount of information. Otherwise, create a code under Liabilities, current, call it Estimated Tax Payments, if that is what you are used to. Code your tax correctly for whatever country. I have a lot of diverse companies within my business that I always work with what is easiest to understand to a layperson. Hope this helps.
 

Kathy-maree Bartle