Wha tax rate for credit card Interest?

nan-cham · ‎April 25, 2023

I'm new to QBO and accounting.

I'm in the process of categorizing my credit card transactions. For the interest charged on the credit card, what tax rate do I choose? I'm in Ontario (CDN) but I wasn't charged HST on the interest. Is it exempt?

second question,

Is the category chose by QB, Interest expense, the correct category, or should I add interest payments to bank fees?

Thank you!

JamesM4 · ‎April 25, 2023

Hi there,

Welcome to the QuickBooks Community. QuickBooks is an easy-to-navigate program that helps you to manage your accounting with ease. I'll be glad to share more info so you're on the right track with your work.

In order to accurately record your transactions, I highly recommend consulting an accounting specialist for expert suggestions. This ensures your books remain accurate while you continue to manage your work with peace of mind. You can also get in touch with a professional using this link here. Other accounting professionals are able to see this post in the Community and this will allow them to chime in. In the meantime, feel free to check out the following article that shows you how to: Categorize and match online bank transactions in QuickBooks Online.

Let me know if this info helps. Otherwise, feel free to ask questions in the comments below.

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