Which GST code do I use when putting my own money into the business? I have an equity owners contribution account but unsure if i use the Out of scope 0% Sales or the Out of scope 0% Purchases?
Selecting a code usually depends on the type of transactions you'll be recording. For now, I suggest reaching out to a professional accountant to help set up your account accordingly and select the appropriate code for your account.
To learn more about GST settings, check out these articles:
Hi @Angelyn_T I am trying to record an owners contribution. Money from my personal account to my business account. I know that it is an out of scope transaction however there are 2 out of scope options. 1 is Out of scope (0% Sales) the other Out of scope (0% Purchases). I haven't been able to find anything online and I am hoping someone can confirm which one of these codes I am supposed to use for this transaction.
Based on the information you provided, I would suggest to use the Out of scope (0% Sales) code as it is money coming in to your business, but please confirm the same with your accounting professionals as we are not certified accountants and can only share our understanding on the topic.
Thank you and please let us know if you have any questions.
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