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Hi, I am filing quarterly GST for my company. I have recorded the refund from IRAS in the tax, however the suspense account is still showing up in the balance sheet. How do I fix this?
TIA
I see your persistence in resolving your issue with the suspense account still appearing in the balance sheet despite recording the refund from IRAS, @AGNES1408.
Allow me to chime in and guide you to fix it.
Let's click the Suspense account in your Balance Sheet report and the associated transaction to start. Once done, make the necessary changes if necessary to resolve it.
Moreover, let's review the affected Category when you record the refund in QBO. This is to ensure that your recording is accurate.
Moreover, I'll be adding the following articles to help manage your GST in QBO. It includes steps on how to record tax payments and use the GST Liability report to see how much sales tax you owe:
Keep in touch if you have further queries. I'm here to ensure a smooth filing process for your quarterly GST. Stay safe!
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