cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
tracymoffatt67
Level 1

Due to my need to file PST return on kids items selling at my store daily basis, I do manually record daily sales. When I try to match them with my bank feed, it asks me to select tax code.

However, one credit card deposit for example can include items sold on HST (general) and PST(Kids). Which tax code should I use when I match it ?

 

3 Comments 3
AddieC
QuickBooks Team

Due to my need to file PST return on kids items selling at my store daily basis, I do manually record daily sales. When I try to match them with my bank feed, it asks me to select tax code.

Hello, 

 

Thanks for coming to the Community for help! I'll help you match your bank feed transactions in QuickBooks. 

You can create a combined (group) tax code that includes both PST and HST. This option will let you combine any existing tax codes into a “combo rate”. To do this, follow these steps: 

 


    1. Select Taxes from the left menu
    2. Ensure Sales Tax is shown at the top. (Tip: If you use payroll in QuickBooks Online, you may need to select Sales Tax as opposed to Payroll Tax)
    3. Select Manage sales tax
    4. Select Add tax
    5. Select Add next to Group rate
    6. Enter the desired Group name
    7. (Optional) Select Description to enter additional information
    8.  From the first Tax rate drop-down, select one of the rates you want to add. By default, the Applicable on drop-down will be greyed out and defaulted to Net amount
 
  9. From the second Tax rate drop-down, select the next rate you want to add
   10. From the Applicable on drop-down, select what the second rate is applicable on: Net amount, Tax amount, or Net + Tax amount
   11. (Optional) If you need to add more than two tax rates, select Add another tax rate and repeat steps 9 &10 above
   12. Select Add
   13. Your new new group rate will now appear on the Group rates tab of the Manage sales tax screen

 

I hope this helps. If you have any questions, just let me know. 

 

Have a great day!

tracymoffatt67
Level 1

Due to my need to file PST return on kids items selling at my store daily basis, I do manually record daily sales. When I try to match them with my bank feed, it asks me to select tax code.

Thank you so much for your advice!

But then, when I try to match the transaction from my manual deposit against the bank record, it showed as 21% in tax. I do not expect the bank records distinguish either PST or HST, but not to ask tax code at this stage as individual transactions with separate tax codes are already recorded in the books. 

 

Many thanks!

 

tracymoffatt67
Level 1

Due to my need to file PST return on kids items selling at my store daily basis, I do manually record daily sales. When I try to match them with my bank feed, it asks me to select tax code.

Re: Due to my need to file PST return on kids items selling at my store daily basis, I do manually...

Thank you so much for your advice!

But then, when I try to match the transactions from my manual deposits against the bank record, it showed as 21% in tax. 

 

For example, I have 10 VISA card transactions paid by my customers at the store. It includes general products (HST) as well as kids items (GST only). I input this amount manually via daily sales receipts distinguishing kids sale amount with tax code GST separately from HST. 

However, when I try to match this amount with my bank record of the day, it asks tax code again. 

It does not recognize GST or HST amount within that VISA transactions but keep asking tax code.

Here, I am worrying two things

1. whether this 21% as a Group rate  would result in discrepancies in my tax return and 

2. without telling tax code when trying to match my daily sales receipts with the bank feed, I cannot make my books reconciled. 

 

Would you tell me what I should do now? 

 

Many thanks!

 

Need to get in touch?

Contact us