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January 7, 2024
Question

I am categorizing transactions on teh bank transactions tab for auto entries. Not sure what to select on Tax for sales and what to select on Tax for bank charges ?

  • January 7, 2024
  • 1 reply
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1 reply

January 8, 2024

Hi there nakedchickenltd-,

 

Thanks for reaching out about entering transactions. QuickBooks Online is a great tool able to help you keep track of tax on sales and expenses so you know the amount owed to the government. I can point you in the right direction for assistance in selecting a tax code for transactions. 

 

In order to know which transactions are taxable, and which tax code to add when entering them from the Banking tab, I recommend speaking to your accountant. They'll be able to assist in making sure your transactions are taxed correctly for your books to be well balanced and so that your filings are accurate. You can invite your accountant to your QuickBooks Online account by clicking on the My Accountant tab. There's also an option to find an accountant near you in that section by clicking on the Find a Pro to help button.

 

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