QB Issue Resolution:
First set up a couple of accounts
1) income taxes payable as an other current liability
2)income tax expense as an other expense
Next open the income taxes payable register
Record an increase in this account for the amount owed. Code it to income tax expense
If there were instalment payments find them to edit to record those amounts against the balance outstanding. This should match with the T2 summary.
Pay the Receiver General and code it to the Income taxes payable account
When the return is assessed if it’s different make an adjustment to the register
If penalties or interest are charged pay and code directly to non deductible penalties and interest
Resolution for Issue 'how to record T2 income tax owed and paid' available: Yes (Solved).
Source: Intuit Community forum.
how to record T2 income tax owed and paid: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.Support for income tax
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Error Recovery for income tax [Canada]
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