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speezy
Level 1
posted
‎January 04, 2020 02:41 AM
last updated ‎January 04, 2020 9:10 PM

How to record "Refund Interest" from CRA in Quickbooks Desktop

I can not for the life of me get the refund interest I received from CRA to reflect on Line 101 of the sales tax filing screen. I recorded it to an income account named "Interest Income" using the "record deposit" screen and it shows up in my profit/loss report. However, the amount does not get added in with my sales on Line 101. From what I gather, the interest received from the CRA must be declared as income so this is important to fix.

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1 Comment 1
speezy
Level 1
‎January 05, 2020 12:13 AM

How to record "Refund Interest" from CRA in Quickbooks Desktop

What I ended up doing is deleting the original "record deposit" entry. Instead I set up the CRA as a customer and added the refund interest amount via the Sales Receipt screen. This allowed the amount to reflect properly on Line 101.

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