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rebecca16
Level 1

I had a gst debt being paid in instalments, last qtr i received a gst refund paid against debt with no record in the bank accounts, how to record GST payment for qtrs?

How do i show that money actually went against the debt and pay off last qtrs credit and credit it also to the qtr with the debt?

1 Comment 1
ShangY
QuickBooks Team

I had a gst debt being paid in instalments, last qtr i received a gst refund paid against debt with no record in the bank accounts, how to record GST payment for qtrs?

You have two options for recording your GST payment, @rebecca16.

 

The first option is to record the refund as a deposit and the GST payment as an expense and the second option is to use a journal entry to offset the debt. 

 

Here's how to record it as deposit.

 

  1. Click + New, then select Bank Deposit.
  2. Choose the correct account where the refund should be recorded.
  3. Fill in the fields under the Add funds to this deposit section.
  4. Click Save and Close.
     



Once the refund is recorded, you can then enter the GST payment as an expense

 

  1. Go to the + New menu, then select Expense.
  2. Choose the same account you used to record the deposit.
  3. Fill in the fields with the relevant details.
  4. Click Save and Close.


 

For recording through journal entries, I recommend consulting your accountant. They can advise on the correct debits and credits to ensure everything is recorded properly.


Please let us know if you have further concerns or clarifications.