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Level 1

CRA was witholding GST credits, when straightened everything out they paid me an additional $11.65 in interest, how do I enter this interest recieved into Quickbooks ?

 
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Level 6

CRA was witholding GST credits, when straightened everything out they paid me an additional $11.65 in interest, how do I enter this interest recieved into Quickbooks ?

Hey Report,

 

One of the most powerful features available in QuickBooks Online is the advanced tracking of your sales tax. Being proactive in ensuring everything gets recorded accurately is an awesome habit which goes a long way to saving you time when filing your returns. Depending on the specifics of how this was paid out, the steps to record it will be different. I'm confident we'll have no problem recording this in QuickBooks, so I'll be happy to help. 

 

If this additional amount was paid out to you with your regular refund, the simplest way is to record it directly on your tax return. This is just a few easy steps:

  1. Go to Taxes and then select Sales Tax
  2. ​Next to Sales Tax, locate the tax agency associated with the return you'd like to adjust using the ▼ drop-down menu.
  3. Select Returns.
  4. On the line item you wish to adjust, select Prepare return from the Action column.
  5. Select Adjust by the sales tax line you want to change.
  6. Choose an Adjustment date and Tax rate.
  7. Choose an account from the Adjustment account ▼ drop-down menu:
    • If you're making the adjustment because you received credit and you owe less sales tax to the government, choose an income account that you created for this purpose.
    • If you're making the adjustment to include a fine, penalty, or interest on a sales tax return, choose an expense account, such as Interest Expense or Non-deductible Penalties.
  8. Enter the Adjustment amount.
  9. (Optional) Enter a memo to describe the adjustment.
  10. Select Save.

Alternatively, this could be recorded using a Sales Receipt from the + New button. Selecting the appropriate account and sorting out sales tax is work best suited for an accountant. You can easily invite your accountant as a user to approach this together. To search for a pro in your area, simply head to the My Accountant tab in QuickBooks Online then click on Find a pro to help

 

Check out this handy article for more information on recording an adjustment: Adjust sales tax liability 

 

Let me know how this goes! I want to make sure you're all set.