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Keyper
Level 1

Which GST Code for Owners Contribution?

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?

3 Comments 3
Angelyn_T
QuickBooks Team

Which GST Code for Owners Contribution?

Hello, @Keyper.

 

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:

 

You can always add a comment below if you have any other questions. I'm a few clicks away to help. Have a good day!

Keyper
Level 1

Which GST Code for Owners Contribution?

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. 

Thanks

Intuit Zac
Content Creator

Which GST Code for Owners Contribution?

Hi Keyper, 

 

Thank you for following up on this.

 

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.