I have discovered GST credits were not claimed for previous years expenses, I know the total GST credit we need to claim in next BAS, how would I post this in Quickbooks?

Hello Laura,

Thanks for posting in the Community!

The Record refund option in the GST center will automatically pre-populate the refund amount based on the transactions coded with tax codes. While we're unable to manually enter a specific amount for the GST refund, you have an option to enter the GST refund using a journal entry or using a clearing account.

First, create a clearing account to allocate the GST refund:

1. Click on the Accounting tab.
2. Click on Chart of Accounts, click on New.
3. Under Account and Detail type choose Cash and cash equivalents.
4. Enter names like Clearing account, Adjustment account, or GST refund account.
5. Click on Save.

Once done, you can then categorise your bank transaction if it is downloaded on the For Review of Banking page using the balance to record the GST refund.

1. Under the Transactions/Banking tab, click on the transaction to categorise.
2. Under the Category field select the clearing account created.
3. Set the GST code to Out of scope.
4. Then go to the GST tab and click on Record refund for the BAS period affected.
5. From the Account, dropdown select the clearing or adjustment account created.
6. Click on Save.

For more details about the steps above, you can check the steps here. Also, you can check this link to learn more about how to Recording a GST refund in QuickBooks Online.

I'd also recommend checking with your accountant if you have lodged the BAS in QuickBooks Online. That way you can make sure to account for the refund correctly in your books.

Post again in the Community if you have more questions.

Hi Sheila

Thanks for your reply. I think you have misunderstood my question. I dont need to record a GST refund. I need to claim some GST credits that were not claimed in previous periods. 

The expenses have been recorded, but they were recorded as out of scope. 

Should I post a journal, with the dr and cr coded to the same expense code, but using the correct GST codes...? 

Thanks

Laura

Hi Laura Parker, 

Thank you for the clarification. There are two options on how you can resolve this. You can either unlodge the previous BAS and enter the correct tax code on your expenses or create a journal entry. I would recommend to consult an accountant to confirm the accounts you'll need to use when creating a journal entry for accuracy on your reporting. 

For your reference, you can check on this article: 

How to unlodge a BAS

Feel free to drop a comment below if you have any other questions. Have a great day!