Posting a Tax Journal to Accounts Production

Article ID: 3317
Last updated: 01 Nov, 2023

The Post Tax Journal page can be accessed by clicking Post Tax Journal on the Check and Review your Return screen within Check and Finish.

This feature is present on the CT600 Version 3 onwards and can used to post a corporation tax charge or refund directly into Accounts Production based on the entries and subsequent tax calculations in the tax return. Additionally, from TaxCalc version 14.x.xxx, the entries for tax due on loans to participators (s455 tax) can also be automatically posted via the return.

To post a Tax Journal, you will need to do the following:

  1. Click Post journal.
  2. Select the Accounting period and click Post.
  3. You will see two sections : Corporation tax and Tax on Loans to Participators
  4. The corporation tax charge, if present, will be displayed in the Amount box.
  5. If the loans to participator supplementary pages have been completed and tax is due, this will be displayed in the Amount box.
  6. The Debit code and Credit code for the tax charge journal is automatically displayed.
  7. You can tick the Override Amount box and enter your own value if you wish to.

Please Note: If the override amount is ticked and it is a refund, enter the amount as positive and choose the relevant Debit and Credit codes.

  1. The spy glass next to Debit and Credit can be used to select from the list of corporation tax related account codes.
  2. Click on Post & Close to post the journal and exit the dialog, or
  3. Click Post & View to post the journal and open the journal in Accounts Production.

Please Note: The tax return that the journal is posted from will display a table of records on the Post Tax Journal page.

Accounts Production

When posting from the CT600, the following will happen in Accounts Production:

  • A new posting batch will be created for the newly created tax journal.
  • This posting batch will be locked, so you will only be able to view, delete or reverse the batch.
  • If another journal is posted from within Tax Return Production, the existing posting batch will be overwritten to avoid duplication.
Article ID: 3317
Last updated: 01 Nov, 2023
Revision: 2
Views: 774
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