Most of us business owners owe Canada Revenue money once a year. What category do you put that expense under. Is it even considered an expense?

Hi greg41,

Tax season is upon us, and based on your question, it sounds like you're in the thick of filing your corporate taxes and figuring out how to account for payments in your books. I'll do what I can to help you figure this out.

Money paid by your company or business typically falls under the category of an expense, so it sounds like you're on the right track there. In these situations, when you're not quite sure where to put something or even how to enter it, an accountant or bookkeeper is your best bet. As a technical support agent, I can tell you how QuickBooks Online works, and in this case, there isn't a built-in feature for recording these kinds of payments. In these situations, when it comes to figuring out what's best for your books, I leave that to the professionals.

If you have an accountant you're already working with, it's easy to add them as a user on your QuickBooks Online account. To do so, simply go to the My Accountant tab and enter their email into the given field to send the invite. This will give them special access to your books and the tools they need to help you manage them. If you don't have an accountant, QuickBooks can help you find one with the Find a pro to help button, where you can enter your postal code or city name to search your area for professionals that know QuickBooks Online.

I'm going to leave you with a few links from others who have had discussions in this community about recording corporate tax installments. The first is a discussion for QuickBooks Desktop, but the overall principles of what to do can help you with deciding how to record your payments. I'll also leave you with our article about expenses for your reference.

• What is the difference between bills, cheques, and expenses?

• How to enter corporate tax installment?

• How do I enter corporate tax payments and reduce retained earnings due to the tax payments?

I hope that helps! Take care and have a great week.