'oops I forgot to make the payment on time expense'
Haha, I like it. I think I'll do it and see what the boss says, then
I'll create the proper penalty expense account and call it a day.
Jeff
On 5/11/2010 9:40 AM, Jeff Roberts wrote:
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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Jeff Kaminsky
Sr. Accountant
IX Systems
408-943-4100 ext 122
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