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interest charges from the government

Simply Accounting » Simply Accounting - User Discussion Area » General Discussion » interest charges from the government

Last post 11-18-2008 11:27 PM by rdeering. 5 replies.

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11-18-2008 1:41 PM

lynnee
Joined on 11-17-2008
Posts 49

interest charges from the government

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Hi,

Do interest charges from the government get posted to Interest & Bank Charges (5690) account?

11-18-2008 2:53 PM In reply to

Reg
Joined on 12-02-2007
Madeira Park, BC
Posts 220

Re: interest charges from the government

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What are the interest charges for? Some are not a deductible expense.

Reg Stowell
Sum-It Accounting Services
PO Box 311
Madeira Park, BC, V0N 2H0
604-883-2380
rstowell@telus.net

11-18-2008 3:08 PM In reply to

lynnee
Joined on 11-17-2008
Posts 49

Re: interest charges from the government

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...a late payroll remittance ....and one is arearrs from prior fiscal year...thanks...

11-18-2008 3:21 PM In reply to

Reg
Joined on 12-02-2007
Madeira Park, BC
Posts 220

Re: interest charges from the government

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Sorry but interest and penalties on late filing of payroll remittances are not legal deductions to a business. The owner(s) get to eat them.

Reg Stowell
Sum-It Accounting Services
PO Box 311
Madeira Park, BC, V0N 2H0
604-883-2380
rstowell@telus.net

11-18-2008 3:34 PM In reply to

lynnee
Joined on 11-17-2008
Posts 49

Re: interest charges from the government

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k....thanks for that...now what account do I post that payment to????

11-18-2008 11:27 PM In reply to

rdeering
Joined on 03-21-2008
Posts 609

Re: interest charges from the government

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Hi: Set up an account called "Interest & Penalties - Non-Deductible". These amounts are a legitimate business expense -- they are just not deductible against income when it comes time to calculate the taxes owing. Rita Deering

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