Account — Tax payable

The Tax Payable account is a built-in account in Manager that records amounts owed for taxes. This account is automatically added to your Chart of Accounts when you create at least one tax code. While it cannot be deleted, you have the option to rename it and adjust its settings to suit your needs.

Accessing the Tax Payable Account Settings

To edit the Tax Payable account:

1. Go to the Settings tab.
2. Click on Chart of Accounts.
3. Locate the Tax Payable account in the list.
4. Click the Edit button next to the Tax Payable account.

Editing the Tax Payable Account

When you click Edit, you'll be presented with a form containing the following fields:

Name

• Description: The name of the account.
• Default: Tax Payable
• Action: You can rename the account to better reflect your accounting practices.

Code

• Description: An optional code for the account.
• Action: Enter a code if you use account codes in your chart of accounts.

Group

• Description: The group on the Balance Sheet under which this account will be displayed.
• Action: Select the appropriate group to organize your financial statements.

Saving Your Changes

After making any desired changes:

• Click the Update button to save.

Note: The Tax Payable account cannot be deleted from your Chart of Accounts as it is essential for tracking tax liabilities associated with tax codes.

For more information on managing tax codes, see Tax Codes.