This form allows to rename built-in Tax payable account.
To access this form, go to Settings, then Chart of Accounts, then click Edit button for Tax payable account.
The form contains the following fields:
Name of account. The default name is Tax payable but it can be renamed.
This account tracks the total tax amounts collected on sales that must be remitted to tax authorities.
Rename it to match your local tax terminology, such as 'VAT Payable', 'GST Payable', or 'Sales Tax Payable'.
Enter code of the account if desired.
Account codes help organize your chart of accounts and can follow your standard numbering system.
For example: '2100' for current liabilities or '2150' for tax-related liabilities.
Select group on Balance Sheet under which this account should be presented.
Typically placed under 'Current Liabilities' as taxes are usually due within the fiscal year.
The placement affects how the account appears on your balance sheet report hierarchy.
Click Update button to save your changes.
This account cannot be deleted, it is automatically added to your Chart of Accounts when you have created at least one tax code.
For more information see: Tax Codes