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info-myasiamed-c
Level 1

How to enter the GST Refunds received from IRAS?

 I received the GST refund from IRAS, How to make an entry to deposit this amount into the bank account?
1 Comment 1
RCV
QuickBooks Team
QuickBooks Team

How to enter the GST Refunds received from IRAS?

Let me help you enter the GST Refunds received from IRAS, @info-myasiamed-c.

 

We can record the refund once you're done filing to keep your GST info in QuickBooks Online (QB(O) up to date. Here's how to manually record it to zero out your GST payable. Here's how: 

  1. Go to Taxes.
  2. In the Returns tab, under Filed returns, find the return you just filed.
  3. Select Record refund.
  4. Under Payment type, tap Payment.
  5. Add these payment details:
  • Bank account
  • Payment date
  • Payment amount
  • Memo (optional)
  1. Press Save.

 

You can see your payment details under the Payments tab. We can also use the GST Liability report to see how much sales tax you owe. You can check out this article for more details: Check how much GST you owe in QuickBooks Online.

 

I've also added some links you can browse. These will show you more info on how to handle GST concerns in QuickBooks Online:

 

Feel free to update us after recording the transaction. Also if you have additional questions about running reports, please add a reply below. I'd be happy to assist you further. Take care always.