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Income tax deduction from income fees account

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Jay

21 Apr, 2012 11:38 PM

Is there s way to automatically subtract e.g. 30% from a sales income and put it in a liabilities account? As a self-employed contractor I subtract about 30% from all my sales as income tax and keep it in a separate account. I wonder if Easy Books could accommodate this in a separate account.

1. Support Staff 1 Posted by Admin on 23 Apr, 2012 04:24 PM

   

   It sounds like you want to actually move the money into a separate bank account. You could just add a new account in Easy Books, and add a transaction between your main bank account and the new one.

   Mathew

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2. Admin closed this discussion on 23 Apr, 2012 04:24 PM.

3. Joachim Sehrbrock re-opened this discussion on 23 Apr, 2012 04:44 PM

4. 2 Posted by Joachim Sehrbro... on 23 Apr, 2012 04:44 PM

   

   Hi Mathew,

   I am wondering if this transfer could be done automatically with each transaction, i.e. have 30% taken out of each sale automatically and put into a separate account. How would I do that?
   Thanks!
   Joachim

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5. Support Staff 3 Posted by Admin on 23 Apr, 2012 09:42 PM

   

   No, sorry there isn't a facility to do that based on each sale. The best you could do would be to set up a repeating transaction, but it would be time-based then.

   Mathew

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6. Admin closed this discussion on 23 Apr, 2012 09:42 PM.