You can get as creative as you like for this.
mine is 'fines/penalties expense'
but you could call it 'late payment expense' or 'remittance interest
expense' or 'government interest expense' or even 'oops I forgot to make
the payment on time expense'
LOL
Jeff Roberts
President and Owner
JR Electronics
Jeff Kaminsky wrote:
I didn't feel like creating an account called Tax penalties, this is
pretty much the first penalty we've had. What account would you use?
Business Tax account
Business Tax Penalty Account?
Something else?
Misc?
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