In the report screen, click Consolidate. You may wish to do this after your tax due has been calculated and added to EasyBooks. The following describes the process in more detail.
EasyBooks provides the basis for working out how much corporation tax your business is liable for. Assuming your Next
Calculating the tax your business owes can be simple, but it depends on your business and the tax rules that apply. As an example, you could start by using the profit-and-loss report as a basis, adding back any depreciation,
Add a new transaction dated on the last day of your tax period. Set Account 1 to Profit and loss (found under Net worth / Capital) and Account 2 to Corporation tax due (located under Creditor). Set Transaction Type to Capital decrease and set the tax due amount. Don't worry if your P&L account goes negative for
Run the report again, and use the option to Consolidate. This will reset all your income and expense accounts to zero and lock the tax period. You will then only be able to add new entries dated after it. The overall profit is transferred to your "Profit and loss" account, which should now show a positive balance.
When you pay the tax bill, you will usually pay from your bank account. To enter this in EasyBooks, add a new transaction from your bank account. Set Date to the date you pay the tax, set Account 1 to the bank account, specify the amount paid and set Account 2 to Corporation tax due. EasyBooks will reduce the balance showing as owed on the "Corporation tax due" account and reduce the bank account balance. If you pay the whole tax amount in one payment, you should expect to see the balance on "Corporation tax due" return to zero.
In the report screen, click Undo Last Consolidate. After you undo a consolidation, you can make changes to transactions in that period (unless they are locked by appearing on a statement or dated prior to the last VAT end date). After making changes, you may wish to re-consolidate the period.
In the report screen, enter new dates in Start Date and/or End Date.
In the report screen, select Show Comparison. The report changes to include both the currently selected period and a comparison period with default dates set to the prior
In the report screen, click located in the top-right corner of the screen, followed by one of the send options.