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ShalaneB
August 22, 2022
Question

Custom Entry and Custom Tax

  • August 22, 2022
  • 1 reply
  • 0 views

Can we charge our customer the 'custom entry' and 'custom tax' that we have been charged for importing COG?

We buy vehicle/hirail parts from the US and install the parts on the vehicles in Canada. 

Thank you!

1 reply

A
Alex M
August 22, 2022

Hi there ShaleneB,

 

It's vital your transactions be entered correctly so your books can be well balanced. QuickBooks Online is a great tool able to help you keep track of your transactions so you can view the financials of your company. i can provide some information about custom taxes.

 

You can definitely create a custom tax that can be used on transactions for your customers. You can create a custom tax by going to the taxes menu, then selecting Manage sales tax. Click on add tax, then select custom. This will create a tax that can be used on transactions you create for your customers.

 

If you have any other questions, feel free to reach out here.

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ShalaneBAuthor
August 26, 2022

So for clarification: the 'customs tax' is the GST (5%) we've had to pay our broker that we need to pay for the parts we have ordered from the United States and have had delivered to Canada.

When I add the 'custom rate,' which account should I choose from the dropdown? As well what should I choose from the drop down box for the 'Show tax amount on return line.' I want to make sure that we're utilizing any tax breaks we can.

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Trish_T
August 26, 2022

Hi ShalaneB,

 

Thanks for getting back to us here.  It's important that you're applying the custom tax rate accurately so it has a positive impact on your books.  To ensure you're choosing the proper category and tax line, I recommend reaching out to your accountant.  If you don't have one, we can help you locate a ProAdvisor in your local area. 

 

If you have any other questions, please feel free to reach back out.  We'd be glad to assist!

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