You must specify a linked account for tax paid, but tax codes are linked correctly

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You must specify a linked account for tax paid, but tax codes are linked correctly

Hi,

 

I am using the AccountRight Standard, Student Edition.

 

I am creating a transaction for an owner to withdraw from the business via cheque. I have input the transaction to debit Drawings and Credit Accounts Payable vis Spend Money, but the tax code is giving an error to 'specify a linked account for tax paid'.

I have gone through all accounts in the tax code list and found they are all linked correctly.

This issue confuses me since this transaction is being recorded as an owner's income, so the tax would only be recorded in the owner's income statement at the end of the year, not on the business's Activity Statement. There shouldn't be any tax recorded on this transaction, correct?

 

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MYOB Moderator
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MYOB Moderator

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Re: You must specify a linked account for tax paid, but tax codes are linked correctly

Hi @Anna314 

 

What I would recommend doing is going to Lists>>Tax Codes and going through the tax codes listed. You want to ensure that if it is prompting you to select a Linked Account for Tax Collected and one for Tax Paid that you are selecting an account for that option. If you are unsure what account you should be selected I would recommend speaking to an accountant/your education provider.


Note: A Linked Card for Tax Authority is not required to be selected.

Kind regards,
Steven

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