I just purchased my commercial insurance and made a downpayment.
I had to make a down payment of 197.42 which included 167.30 + HST of 25.10 and service charge of 5.02
I have to then make 11 monthly payments of 89.32 which includes 75.70 + HST of 11.35 and service charge of 5.02
My question is how do I set up this in Quickbooks?
Thanks in advance to anyone who offers suggestions.
Down payment: Insurance expense $167.30 + $5.02. I have forgotten which version of QB you use - the handling of GST/HST has changed several times in different versions. Use the appropriate tax code and the HST amount will be correctly posted to your GST/HST Payable account. (You MIGHT have to edit the HST amount if, for example, the $5.02 service charge is not subject to HST.)
First monthly payment: Same idea as above. You can either Memorize this payment, or repeat it 11 times.
75.70 + HSTThanks, I did manage to fiqure it out afterwards, and I did use the memorize transaction option, it worked fine.
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