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T
tmp2
January 18, 2020
Question

How to enter tax paid on insurance payments

  • January 18, 2020
  • 3 replies
  • 0 views

I have QBO and live in Ontario. Regarding commercial insurance, we pay tax on the renewal amount but it is only 8%, not the standard 13% HST.

What is the correct way to enter this in? Do I create a new tax code? As I do not see it in my list.

Or do I adjust the amount of tax paid after the subtotal?

    3 replies

    J
    JamesM
    January 18, 2020

    Hi there,

     

    Welcome to the Community. Making sure you're recording your transactions the right way is a good exercise for preventing errors in your books. 

     

    I recommend contacting an accounting professional to get more info on this. If you're not in contact with one, I encourage you to search for one on our website using this link here. Doing this will help prevent any future discrepancies. Let me know if you have other questions. I'm here to help. 

    Q
    QuickBooks User 1935
    February 13, 2020

    Hi, I have the exactly same question and unable to post this question due to a QB system error. 

    Have you found the solution to this? Pls kindly let me know! 

    N
    Nben
    September 21, 2022

    Hello just wondering if you found an answer to this, I'm having the same issue.

    H
    hal_ashley
    February 7, 2023

    i'm having this issues also and cannot find the answer anywhere! would be really great if someone could please tell us how they fixed this issue? thank you!

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