Where would I add tariff tax (import duty) in QBO?

You can add tariff taxes or import duties in QuickBooks Online by setting up a specific expense account for them. However, It's essential to collaborate with a tax professional or accountant to optimize import duty treatment. I'll add the details you need below, Toni.

When creating an expense account to track tariff taxes, it's essential to monitor specific expenses, making it easier to manage financial records and ensure compliance with tax regulations. Here are the detailed steps to add tariff tax:

1. In the gear-like icon, click on the Chart of Accounts.
2. Then, tap the New button to add a new account.
3. In the Account Type dropdown, select Expenses.
4. From the Detail Type dropdown, pick Taxes Paid.
5. In the Name field, enter a name for the account, such as Tariff Tax or Import Duty.
6. If you need to, add a description.
   
   
   
   
7. Lastly, Save and Close to create the account.

Note that if the tariff or import duties are to be marked as expensed immediately, you can create expense/check transactions by selecting that created account.

Moreover, If tariffs or import duties are part of inventory costs, contacting an accountant is advisable. If you do not have one, here is a link to visit: Find an accountant.

Furthermore, here's an article that gives you more learnings about tariffs: Understanding tariffs | QuickBooks.

Additionally, explore this reference: Edit sales tax rate. This guide provides steps for updating your sales tax rates to ensure accurate collection.

Remember to keep your sales tax rates current by following the guide on updating them. If you need more help, just tap the reply button below.