Need to categorize transactions by CRA Rule T3010 - Reg. Charity groupings...is there a way to do this...

Hello edhoho,

Accurately categorizing your transactions is a crucial part of ensuring that your books are balanced. QuickBooks Online makes this an easy process, and I want to point you in the right direction.

I took a look into the T3010, and it looks like you'll need to set up a tax code to represent the rate that you are required to pay on expenses as a Registered Charity. Once the code is set up, you'll be able to select it on applicable transactions when you categorize them. Follow these steps to set up a new tax rate:

1. Navigate to the Taxes tab from the left and select Sales Tax.
2. Click to Manage sales tax from the upper right.
3. Within the Agency that you'd like to set up the rate, choose + Add custom rate.
4. Enter a name to represent the rate, then choose whether you collect it on sales, pay it on purchases, or both.
5. Enter the percent as well as the account and the return line you'd like it to show on.
6. Click Add to save your changes.

Now, when entering a transaction from the + New button or from the Banking or Transactions tab, you'll be able to select this new code from the Sales Tax drop-down. For more on this, check out our article on How to set up a new sales tax code.

If you need more help with this, an accountant is going to be your best resource. If you're already working with one, invite them to join you in QuickBooks by using the My Accountant tab on the left. Enter their email address and hit Invite. If you don't have an accountant yet, the Find a pro to help button from the same page will direct you to tons of QuickBooks-certified accountants that are more than happy to help you navigate QuickBooks in the best way for your business.

Have a great day!