Ttax Bus-Incorp calculates tax due but does not enter amount to current year. I have to do Prior Year Adjustment from Retained Earnings the following year. Is it right?
Turbox Business Incorporated calculates tax due but it does not enter the amount to the current year's Retained Earnings section (tax is paid out of R/E). So, I have to do a prior period adjustment 3720 in R/E section to record the tax paid last year. Is this the right way to handle each year's tax payment?
I don't think CRA would like to see prior period adjustment every year. I would appreciate knowing how to handle this properly every year.
Ttax Bus-Incorp calculates tax due but does not enter amount to current year. I have to do Prior Year Adjustment from Retained Earnings the following year. Is it right?
Ttax Bus-Incorp calculates tax due but does not enter amount to current year. I have to do Prior Year Adjustment from Retained Earnings the following year. Is it right?
No. This answer did not help. It is a Turbotax question, not a CRA question. The software calculated the tax amount, and this amount is not entered into the financial statement.
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