I recently switched to Quicbooks online from Quickbooks desktop (2010). I am having difficulty managing tax. I reside in BC where there is GST and PST, but can only claim the GST as and ITC credit. I have spent 1.5 hours online with Quickbooks support and am no further ahead than when I started. I want to create a tax line that I can apply to expenses, where the base amount + the PST will be charged to expenses, and the GST will go the ITC tax line. I pay $100, I also pay 7% PST of $7.00 and 5% of $5.00 GST. How do I set up the tax option to record this correctly. ($107 as an expense, and $5.00 as the GST).
Welcome to Community! QuickBooks Online is aligned with federal and provincial regulations for the collection of sales tax and payments. It's important that you're recording the sales tax in accordance with government guidelines. I recommend reaching out to an accountant for their expertise and best course of action. If you don't have an accountant, we can help you locate a ProAdvisor in your local area.
Feel free to reach back out if you have other questions. We'd be happy to help!
This is exactly what I am trying to find answers to! Any Quickbooks guru should know how to set this up - I don't think I should have to bother my accountant. Have you had any success finding the solution?