Canadian businesses pay two different tax rates: PST and GST/HST. Set this up in Receipt Bank so that we can extract both tax rates from your Costs.
How to set up Canadian secondary taxes for:
- Go to the 'Profile' section of the menu and click on 'Account Details' page and turn on 'Extract secondary tax'. This setting will only appear if:
- Your 'Base Currency' is set to Canada Dollars
- Your 'Account Country' is set to Canada
- Your account is integrated with QuickBooks Online
- Go to the 'Connections' section of the menu and click on 'Integrations'. Choose a default tax rate for each of the following settings:
- Default tax rate
- GSTS/HST/TPS tax rate
- PST/QST/TVQ tax rate
- Default exempt tax rate
The dropdown list of tax rates is pulled from your QBO account.
You'll see fields for each of the tax rates when you're viewing your purchases.
When you publish this bill to QBO, the default tax rates that you selected on the 'Integrations' page will be noted as the two tax values.
- If you purchase from vendors in more than one province, you'll need to record the difference in PST values using our line item feature
- If your document includes GST, PST and tax-free purchases, you'll need to record the tax-free part of your purchase using our line item feature
- If your document includes another tax rate (such as liquor tax) in addition to GST and PST, you'll need to record additional tax rate using our line item feature