On Tue, 6 Dec 2022 15:40:06 +1100 Chris Grinton <cgrin...@gmail.com> wrote:
> The charts suggest that you have *negative* liabilities. That is, > while the underlying accounts may have a type of "Liability", the net > balance of these accounts is negative, so are effectively an asset. > > For "normal" positive liabilities, the red bars in the chart would be > above the $0 line as per the attached screenshot. > > Chris I accept that there is likely a logical fault in my account setup. I'm not sure how or where, certainly when I pay my tax out of the bank account my liability for paying tax goes down. So at the end of the month I enter a transaction by scheduled transaction to list my wages, tax and super payments. That transaction results in an increase in my Tax liability account, which when I pay up a few weeks later, the liability decreases. But what I have done, which I'm sure is my problem, is I haven't got the tax payments going to the correct logical place but recursively I have hurriedly filed them under tax liabilities. So my liabilities in my books are increasing regularly instead of being zeroed. This payment is the amount which the tax people tell me I'm going to pay to account for my company tax. They ask for 4 payments each year, and then the accountant sorts out annually what else I have to pay. So I think it comes to.... What are appropriate splits for the prepayment of my company tax? One side is tax liabilities, and the other I can't work out. No use Michael telling me that I need to decide what I would do on paper, I'm lost. Liz
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