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QBO Tax Code Selections

In QBO, almost all of the transactions you process have to have a tax code.  If you make a deposit that has nothing to do with sales, line 101 on your HST report will be reduced by that deposit if you don’t use the Out of Scope tax code. The Exempt tax code is used for items that are just that, exempt from HST.  Some examples are bank charges, insurance, suppliers who don’t charge HST, etc… We encourage you to review your QBO HST reports in detail before filing to ensure there are no entries that affect your report. Special Note: If the Out of Scope tax item is not found in the sales tax column, select Out of Scope in the “Amounts Are” field.

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