Corporation tax

sjkr

Hi, does anybody know how to deal with corporation tax in the final accounts of a limited company in it's second year of trading? I'm using sage software and last years figure is showing as a long-term liability when it has actually been paid. Surely this can't be right? Do I have to create an expense account and move the figure to there?

Poodle

Hi,

When the CT was paid where was the cheque posted to? It should have been to the liability account, if it went somewhere else then all that you will have to do is post a correcting journal.

Poodle