Tax Questions
Hi - new to Quickbooks Online and have a couple of questions I haven't been able to find an answer for.
1. I presented to a special interest club and they gave me what they called an honorarium - a set amount they give to all presenters. Normally, I charge for these services, and that charge is subject to HST. In this instance, it was simply a set amount they sent me. How do I handle this? Must I pay HST out of this amount?
2. I'm a sole proprietor. I decided to include my personal accounts in Quickbooks Online because I frequently transfer money between accounts, but also because I want to keep track of some expenses - like business use of home expenses (fuel, utilities, Internet etc.). I do also want to keep track of my personal expenses, such as groceries, for personal planning reasons.
a) How do I exclude my personal expenses, but still track them?
b) How do I account for the HST portion of my business use of home expenses?
c) What do I put for tax for Interest income? Quickbooks won't allow me to accept the transaction without associating it with a tax.
Thanks, in advance!