Hi, I have a question.
When I use my personal credit card for business expenses, I usually open the expense and record as below.
Category Amount Sales tax Total
Software fee 30 GST(5%) 31.5
Owner's Capital -31.5 0% -31.5
The problem that I want to ask is 0% for the owner's capital.
There are 3 sections for 0%.
1. Zero rates 2. Exempt 3. Out of scope.
What is correct among them?
Leah
Out of scope is correct.
Thank you for your reply.
One more question.
When I remit the salary to employee from the business acciunt, I should record the remittance amoun as the payroll expense on QBO.
For this case, which one should I choose for 0%?
It would be exempt.
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