Property Taxes Debit? Credit?

by fwca
(georgia)

Question regarding correct posting of property taxes:

If our church makes deposits into a savings account throughout the year weekly to help save for yearly property taxes, what accounts would I credit and debit?

Answer

In double entry accounting, you would debit Property Tax Expense and credit Property Tax Payable.

Have you checked with your state to see if your church is exempt from property tax?

Hope This Helps,



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