Making sure your refund is entered into the right account is important to make sure your chart of accounts is correct. QuickBooks Enterprise makes it easy to track GST refunds with a few quick steps made to save you time. I can go over the steps to enter this in your QuickBooks.
After filing your sales tax to the CRA and being issued a refund you will need to create the sales tax agency as a customer. To do this you can follow these steps in your Enterprise account. Customers>Customer Centre>New Customer & Job>New Customer. Once you create the tax agency as a customer, you will just need to make an invoice for the amount that you're being refunded. If you're looking to use a Journal entry to enter this you will need to contact your accountant on what accounts to select. If you don't have an accountant we have you covered. You can find one nearby using this link to our find an accountant site.
Thanks Nick..... I already have the account set up for the refund, my problem is that the CRA, has applied this refund, to another one of my government accounts. As I can't receive the refund to balance out what is
on the books, how do I get this zero'd out. hope this makes sense
Awesome job getting the accounts already set up for the refund. Having the CRA apply the refund for your business to a different account can be a tricky situation to navigate when it comes to entering it in your books. Due to this I suggest contacting an accounting professional to make sure everything is done correctly.
If you don't have an accountant already you can use the earlier link to find one in your area.
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