Accounting - Tax Payable Account

Navigation: Accounting > List Maintenance > Chart of Accounts
Purpose: Configuring your Tax Account

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The Tax Payable account is used to track the Taxes that the Condo receives and pays out.  It is used by the HST Remittance to calculate the taxes the Condo owes to the Government.

The Tax Payable Account uses the Debit to track what the Condo has paid out in taxes, and it uses the Credit to track what the Condo has received in Taxes.

The Accounting software calculates the difference between Debit and Credit to calculate what is owed to the Government.

To Set your Tax Payable Account you will need to navigate to Accounting > List Maintenance > Chart of Accounts

Once there, scroll to your Tax Payable Account, right-click on it and click Edit.

This will open the Account and allow you to edit Default Account for Tax Payable.

Once completed, click Save.