for bank transactions where I have already paid tax and i dont intend to sell the item purchased (tools), what do i select under the tax column

Greetings, @Dtomykbomb. I’ll provide information about this below.

 

If you have recorded the purchase as an expense or a bill, you just need to match the downloaded entry to it. There’s no need to select a tax code since the tax has already been applied to the expense or bill.

 

If you haven’t recorded an expense or a bill yet, you can use the tax code shown on your actual purchase receipt. For example, if the receipt shows GST/PST 5%, that’s the code you should select.

 

You can also check this article to see the list of sales tax codes: Common sales tax codes.

 

We’re always here to help you if you have any other concerns.