QB Issue Resolution:
NB – Please have this advice validated by your financial advisor/chartered accountant.
Income tax paid in advance should be treated like a current asset for the business.
You could record a journal entry debiting Advance IT Paid (Account Type – Current Asset) and crediting Cash/Bank (Account Type – Bank).
Resolution for Issue 'IN: How to record Advance Income Tax Payment in Quickbooks in Indian context ?' available: Yes (Solved).
Source: Intuit Community forum.
IN: How to record Advance Income Tax Payment in Quickbooks in Indian context ?: 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 asset for the business
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Error Recovery for asset for the business [Canada]
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