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May 4, 2024
Question

What Sales Tax Code to select for Accounts Payable? Exempt/Zero or Out of Scope?

  • May 4, 2024
  • 1 reply
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For each line item, what to record in Sales Tax for Accounts Payable in Ontario?

1 reply

May 6, 2024

Hello bsyed,

 

Welcome to Community!  When you subscribe to QuickBooks Online, common sales tax codes are automatically setup, based on your company location.   It's essential to understand sales tax codes and which one to apply on your business forms, in keeping with Government guidelines.

 

When choosing a sales tax code, it's important to make sure that what you're buying or selling is taxable. I suggest reviewing the information provided on the CRA website.  In addition, here's a list of common sales tax codes, for your reference.

 

If you still have questions regarding sales tax codes, I recommend speaking with an accounting professional. If you don't have an accountant, we can help you locate a ProAdvisor in your local area. 

 

Feel free to reach out again, if you have any other questions. We would be happy to help!