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jpiperni-kmeinco
April 1, 2021
Question

Adding Bank Transactions under Review

  • April 1, 2021
  • 1 reply
  • 0 views

Hi there, 

I am just wondering what is the proper Tax to pick when you are adding/matching a transaction under review. I have always been picking "Out of Scope" when trying to add the transaction but now I am not sure that has been the proper choice. How do I know when to pick 13% or out of scope?  

1 reply

LeithG
LeithG
April 1, 2021

Hi jpiperni

 

When you're recording a deposit to your bank account, it will almost always be out of scope except in very specific circumstances where the deposit is lowered by something like a deposit fee or other withholding from your client.

If the transaction is a purchase it may have HST on it.

 

Generally for purchases you might want to snap the receipts and post them as bills (if being paid later) or expenses (if paid already).  Then when the transaction reaches your bank account it'll be a simple match.

 

Hope this helps!

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