Tax Expense Journals
There are different types of expenses recorded in a business entity. Expenses account for the money spent by an organizer and its employees on the attainment of short term and long term goals and their results. Anything that requires money to be paid from the company’s account for the accomplishment of goals and objectives is called an expense.
Expenses can be of different types and forms. For example, when money is spent to pay interest on some debt or loan, it is known as an interest expense. Similarly, tax expense is a company’s tax charge. It is calculated by multiplying the income before tax with the applicable rate of tax in the region. This tax expense is recorded according to the basic accounting principles. Every transaction in a company is recorded using the Generally Accepted Accounting Principle or GAAP.
As per this principle, all expenses must be recorded in a journal for future references and purposes. But this process can be a lengthy and difficult one. In most organizations, this accounting process has been computerized. You can use the tax expense journal template to make the necessary transaction entries.
This expense journal is easy to use and saves the employee’s a lot of hassle and efforts. As time is money a lot of money is also saved through this template. Any organization can download the sample template and make necessary modifications. It can then be used for their own needs and requirements.
Tax Expense Journal
Microsoft Excel document file | File size 56 KB | Download
File size 15 Kb | Download