QB Issue Resolution:
I’m here to explain with you on how to set up tax in QuickBooks Online.
Upon setting up tax, you have three options that you can select for the Account. These are the following:
- Liability – you can select this account if you need to reclaim GST on purchases.
- Expense – you can select this account if you need to record tax on purchases but not reclaim in the Tax return.
- Non-tracking – you can select this account if you wish to have tax on your purchases but will not be reported in the Tax return.
Based on the information you’ve provided since you don’t reclaim purchases but needs to record Tax on purchases, you can use the Expense account, so you will have taxes on purchases but does not reclaim GST and report it on your GST return.
To verify this action, I’d recommend consulting your Accountant to confirm this before setting up. This is to ensure that your taxes are properly accounted.
Resolution for Issue 'How do you set up tax that you withhold from your supplier?' available: Yes (Solved).
Source: Intuit Community forum.
How do you set up tax that you withhold from your supplier?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.Support for GST return
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Error Recovery for GST return [Canada]
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