The following is a guide on how small business owners can record sales taxes on importing goods into Canada. It is written specifically for users of QuickBooks Online. Here are the steps:
- Click on the “Plus ( + )” button and enter a new expense.
- Add one line item to the expense account connected to the imported items for $0.01.
- Choose a tax code that includes all tax types that you paid. For example, if you paid both PST and GST on imported goods, then select the GST+PST tax code.
- Add a second line item within the same account for “out of scope” tax code and -0.01.
- Next, edit the boxes at the bottom of the page to the amount you paid for each tax category.
- Finally, click the “Save” button in the bottom right corner to save the transaction.