Adding the proper tax code to your transactions in the Bank Feed is so important. This ensures that each transaction has been recorded properly, and will help you stay organized and consistent. I'd be happy to explain the steps to take in order to assign HST to your banking expenses.
Here's what you'll do:
1. Click the Banking tab on the left navigation menu.
2. Under the For Review tab, click on the transaction you'd like to assign HST to.
3. In the Select GST/HST box, click the drop-down menu and locate your HST tax code.
4. If you'd like to assign this tax code to all future transactions of this nature, select Yes when the system asks you if you'd like to set this as a default. If not, click No.
5. Complete all other necessary fields, then click Add.
That's all there is to it! Now your transaction has been recorded using the proper tax code. For more information about categorizing your bank transactions, take a look at this article: Match and categorize your downloaded bank transactions.
Let me know if you have any other questions for me.
Cheers!
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