How to add sales tax to expenses being imported from bank card?

bv2023 · ‎March 10, 2023

Hello, I am new to QBO and wanted to know how I could separate taxes on expense transactions made using my debit card. Basically, I have connected my bank account/debit card to QBO and it's pulling data in automatically now but both price and tax of an item are clumped together. So for example, in QBO it shows it uploaded a transaction I made using my debit card for $12.43 but the transaction is actually $11 + 1.43 GST/HST when I look at the vendor's invoice. I don't need to collect tax as I don't really have an income right now but shouldn't I be tracking taxes separately anyways? Or let's say I hit the threshold where I have to start collecting taxes and remitting them, how will I know how much taxes I paid like this? Any help would be greatly appreciated, thank you.

Amanda-B · ‎March 10, 2023

hey there bv2023,

Thanks for reaching out to us here. Making sure you're recording your transactions properly is an essential step for maintaining clean books. I would be happy to point you in the right direction.

To ensure accuracy in your books, I recommend reaching out to an accounting professional for expert advice on creating these types of transactions. They'll be able to guide you in choosing the correct transaction type as well as which accounts to affect so that your accounts can end up with the right balance. You can add your accountant to your books by going to the My Accountant tab of your QuickBooks account. You can also find an accountant that has experience using QuickBooks near you by clicking on the Find a pro to help option in that section.

If you have any other questions, feel free to reach out here

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How to add sales tax to expenses being imported from bank card?

How to add sales tax to expenses being imported from bank card?

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