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DFT11
Level 1
posted
‎October 13, 2022 10:58 AM
last updated ‎October 12, 2022 4:58 PM

Resident Withholding Tax (RWT)

I have had RWT deducted from my account on interest earned.  What should it be categorised as? Is it bank charges and fees? Thank you :) 

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Best answer October 13, 2022
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IntuitSheila
Level 8
‎October 13, 2022 11:51 AM

Resident Withholding Tax (RWT)

Hello FDT11,

 

Thanks for posting in the Community!

 

You can categorise the Resident Withholding Tax under the bank charges and fees account or any expense account in QuickBooks Online. You can also create your own expense account if you want to add the RTW to a specific expense account, if not you can just use the pre-created bank charges account.

 

You can check this link to learn more about How to account for bank fees when matching transactions in the Bank Feed.

 

Feel free to post again if you have more questions. The Community is here to help you!

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1 Comment 1
IntuitSheila
Level 8
‎October 13, 2022 11:51 AM

Resident Withholding Tax (RWT)

Hello FDT11,

 

Thanks for posting in the Community!

 

You can categorise the Resident Withholding Tax under the bank charges and fees account or any expense account in QuickBooks Online. You can also create your own expense account if you want to add the RTW to a specific expense account, if not you can just use the pre-created bank charges account.

 

You can check this link to learn more about How to account for bank fees when matching transactions in the Bank Feed.

 

Feel free to post again if you have more questions. The Community is here to help you!

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