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martinwithdronebuzz
martinwithdronebuzz
September 27, 2023
Solved

Why is quicknook asking me to add GST to a interest charge in my bank transaction?

  • September 27, 2023
  • 1 reply
  • 0 views
My interest charges are still uncategorized as Quickbooks is asking to add a tax to this transaction.
Best answer by JamesM4

Hello Martin. In order to record your transactions the correct way, I recommend consulting an accounting specialist for expert advice. This ensures your books remain accurate while you continue to manage your work with peace of mind. You can also get in touch with a professional using this link here. Other accounting professionals are able to see this post in the Community and this will allow them to chime in. Otherwise, to learn more about the available tax codes and what they resemble, I recommend checking out this article here as it provides a list of the tax codes in QuickBooks. Let me know if this info helps. I'll be one message away. 

1 reply

T
Trish_T
September 27, 2023

Hi martin-dronebuzz,

 

Welcome to Community!  It's essential that the appropriate sales tax is applied to your transactions, to ensure you're keeping with government guidelines.  QuickBooks Online will automatically track the sales tax for you, to simplify filing and recording payments.  I'd be glad to provide some insight here!

 

QuickBooks enables you to set up and track a line of credit seamlessly.  To get started you'll need to set up two accounts to record the liability and expense.  Once these have been setup, you'll be able to track the transactions associated with your line of credit.  Here's a valuable guide for your reference.

 

Should you require additional assistance, please don't hesitate to contact us outside of Community.  It would be our pleasure to work with you in real time and ensure you're able to accomplish your QuickBooks goals as soon as possible!

 

Schedule a Callback: click (?)Help in the upper right > click Contact Us > explain your situation > click Let's Talk > choose Get a callback (Note: Callback hours are the same as regular phone hours.)

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If you have any other questions, feel free to reach back out.  We're always happy to help!

martinwithdronebuzz
martinwithdronebuzzAuthor
September 27, 2023

Hi Trish,

 

I've attached a screenshot of the transaction. I want to categorize it as an "interest expense" but it's asking me to add the 5% GST. Why?

 

The options are:

- Zero Rated,

- GST,

- Exempt,

- Out of scope,

What about N/A? Can I put No Tax?

 

Thank you for your help.

 

Martin

J
JamesM4Answer
September 28, 2023

Hello Martin. In order to record your transactions the correct way, I recommend consulting an accounting specialist for expert advice. This ensures your books remain accurate while you continue to manage your work with peace of mind. You can also get in touch with a professional using this link here. Other accounting professionals are able to see this post in the Community and this will allow them to chime in. Otherwise, to learn more about the available tax codes and what they resemble, I recommend checking out this article here as it provides a list of the tax codes in QuickBooks. Let me know if this info helps. I'll be one message away. 

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