Why is quicknook asking me to add GST to a interest charge in my bank transaction?

Hi martin-dronebuzz,

Welcome to Community!  It's essential that the appropriate sales tax is applied to your transactions, to ensure you're keeping with government guidelines.  QuickBooks Online will automatically track the sales tax for you, to simplify filing and recording payments.  I'd be glad to provide some insight here!

QuickBooks enables you to set up and track a line of credit seamlessly.  To get started you'll need to set up two accounts to record the liability and expense.  Once these have been setup, you'll be able to track the transactions associated with your line of credit.  Here's a valuable guide for your reference.

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Hi Trish,

I've attached a screenshot of the transaction. I want to categorize it as an "interest expense" but it's asking me to add the 5% GST. Why?

The options are:

- Zero Rated,

- GST,

- Exempt,

- Out of scope,

What about N/A? Can I put No Tax?

Thank you for your help.

Martin

Hi James,

Thank you. I read the info in the link you provided. I figured it out. Most transactions would be "out of scope"

Thanks again.

Hi there martin-dronebuzz,

We're happy to help. If you have any other questions, feel free to reach out here.