Provision for payroll tax showing up as a credit on balance sheet??

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KT100
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Provision for payroll tax showing up as a credit on balance sheet??

Hello

I recently realised I have been recording payment of payroll tax as a liability in MYOB Accountright... but hadnt been putting in the expense record as well.

I have now adjusted accordingly.. but my balance on my balance sheet is showing this amount paid as a negative amount ??  surely it should just be showing what is owing??  and not as a negative amount?

Where am I going wrong??

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Tracey_H
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Re: Provision for payroll tax showing up as a credit on balance sheet??

Hi @KT100 

 

Thanks for your post. The liability account on the Balance Sheet should show the unpaid amount for that liability, ie, what is currently posted to that account. Once the liability is paid, the liability account is reduced by that payment amount. If your liability account doesn't look right I would recommend running the General Ledger detail report, filtered by that account, and check the transactions that have been posted. 

 

You can also use Find Transactions>>Account tab to check the transactions allocated to specific accounts.

 

Please let me know if you need further help.

 

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

Cheers,
Tracey
Previously @bungy15

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KT100
Experienced Cover User
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Experienced Cover User
Australia
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Re: Provision for payroll tax showing up as a credit on balance sheet??

Thanks Tracey 

Apparently payroll tax is only put in as an expense, to be paid.  The liability on the balance sheet is the provision for June , paid in July I am advised. But thank you, your advice is correct for most liabilities.

 

 

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