I am from Canada and I need to make an adjustment to my Taxes Payable (HST) account. Basically I need to take a portion of the amount within Taxes Payable and expense that portion to another account. The adjusting entry would like like the following:
Dr. Development (Expense) 100
Cr. Taxes Payable (Liability) 100
The Taxes Payable was the default tax (HST) I have set. The current balance is negative - meaning we are in a refund position (hence the credit for the adjustment).
However, when try to make the adjustment I go to "Manual Journal" and then "New Entry" I don't see the "Taxes Payable" account (within the liability section), so I can't make my adjusting entry.
I have spent a lot of time trying to figure out how to make this adjustment, but cannot find a solution. Any help will be greatly appreciated. Thank you.