The "Taxes Payable" column in the balance sheet is based on the closing balance of the account. If the closing balance is a credit, that is, the enterprise has not yet paid the total amount of taxes, you should directly fill in the amount. If the balance is debit, it means that the enterprise has overpaid the tax, need to "a" negative number to fill in.
Monthly enterprises need to be calculated according to the accounting standards should pay a variety of taxes, such as income tax, value-added tax, business tax, consumption tax, urban and rural construction and maintenance tax, vehicle and vessel tax, resource tax, property tax and urban land use tax, etc., these taxes credited to the "tax payable" account. When the actual payment of taxes, and then debit the account, so that the end of the month balance of the credit side of the tax to be paid, the debit side reflects the tax paid.
In order to record and manage the tax in detail, enterprises also need to set up detailed accounts under the "tax payable" account to categorize the accounting by type of tax, such as input tax and output tax under the value-added tax (VAT). For small taxpayers, a simple "VAT payable" line item may be needed without multiple columns.
Overall, the "Taxes Payable" column is an important part of the tax management of the enterprise, which demonstrates the current tax liabilities and financial status of the enterprise.