We have paid our corporation tax late and have received a fine. I have created a new nominal for the P+L account 7908. Do I also need to create a nominal for the balance sheet?
Do I need to then post with a Journal to the 2 nominals. Or can I just post a bank payment to the 7908 nominal.
I have also raised an invoice for the amount to invoice our accountants who have agreed to refund us.
Do I have to show it in the P +L and balance sheet.
Or just as an overhead expense on the P+L