I have QBO and live in Ontario. Regarding commercial insurance, we pay tax on the renewal amount but it is only 8%, not the standard 13% HST.
What is the correct way to enter this in? Do I create a new tax code? As I do not see it in my list.
Or do I adjust the amount of tax paid after the subtotal?
Welcome to the Community. Making sure you're recording your transactions the right way is a good exercise for preventing errors in your books.
I recommend contacting an accounting professional to get more info on this. If you're not in contact with one, I encourage you to search for one on our website using this link here. Doing this will help prevent any future discrepancies. Let me know if you have other questions. I'm here to help.