Taxes Payable
Starting Balances > Other Liabilities
Tax Payable Starting Balance
Manager has a default Tax payable account; however, I recommend setting up your own Tax payable account. Doing this allows you to easily enter your starting balance for this account.
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Click on Settings and Chart Of Accounts
Chart of Accounts listing appears.
Select Edit the Account and the Account Input Screen displays.
Enter the Starting balance and the Type of account.
Note
Liabilities normally have a Credit balance
Click Update to Save.