How to record Duty?
RobWatts
Member Posts: 4
I buy production materials from the USA sometimes. I am in Canada and must pay duty on imports. Should I make an account in my chart of accounts and record those payments? I am not certain at the time of this message but I think there is some ability to claim these as expenses at tax time.
0
Comments
Hey @RobWatts! You are definitely on the right track here, the best thing to do would be to create an expense account in your Chart of Accounts, you can add it as a Merchant/Processing fees expense account. You can then categorize these expenses to that account.
If these expenses turn our to be recoverable, you can generate a report with all of these expenses clearly laid out on your Account Transactions Report for filing your taxes! I hope this helps
yes I think that will do it. thanks