Hi there, Goal.
You can record the refund paid by the CRA in QuickBooks Online (QBO). Here’s how you can properly record it:
If the CRA refund shows up in your connected bank account in QBO, categorize it as a tax refund.
Here’s how:
- Go to the Accounting section.
- Select Bank Transactions.
- Locate the refund transaction, and categorize it under your HST/GST Payable account.
After that, create an income account for the interest. Once that's set up, here’s how to record the interest payment:
- Click on + Create, then select Bank Deposit.
- Record the deposit into your business bank account.
- Categorize it under the new income account you just set up.
If you have additional questions, don’t hesitate to click the Reply button below.