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KerriHaughian
July 27, 2022
Question

GST refund greater then filing amount

  • July 27, 2022
  • 1 reply
  • 0 views

Our GST filing refund is $8,218.35 but our actual refund amount is $8,219.70 due to refund interest of $1.35. How do I reconcile the actual refund amount that we received? Can this be done in the sales tax center?

1 reply

T
Trish_T
July 27, 2022

Hi KerriHaughian,

 

Thanks for reaching out here.  QuickBooks Online enables you to record your sales tax refund with confidence and keep your account aligned.  I'd be glad to show you how!

 

To record the refund, follow these steps;

 

1. Open Taxes and then Sales tax from the left menu

2. Select the Filings tab and All returns from the drop-down list

3. Choose Record payment from the drop-down in the Action column

4. Select the appropriate Payment type

Note; Select Payment if the number is positive and Refund is if the number is negative

5. Enter the Payment date for which you paid the CRA or Revenu Québec 

(Optional) Use the Memo to include anything you want to remember about this payment

6. Once the payment is recorded, you'll see it in your Account History 

Here's a helpful guide for your reference.

 

Please don't hesitate to contact us if you require additional assistance.  Your time is valuable and it would be a pleasure to work with you directly, to ensure you're able to accomplish your Sales tax goals as soon as possible.

 

If you have any other questions, please feel free to reach back out.  We're here for you!

 

O
Oeno
July 28, 2023

We have received two refunds, on different dates, which include $64.01 interest (on the GST refund) and $8.96 interest (on the TVQ).  We recorded the refund without the interest in the Sales Tax section (as per the instructions).  On the bank feed, we recorded the refunds and the interest (as the refunds were received on two different dates).  How do we match the bank feed with the Sales Tax refunds?  They appear separately in the chart of accounts and I don't see how to match them.

H
Henock K
July 29, 2023

Hi Oeno,

 

Thanks for joining this thread. It's important to correctly record your sales tax in your QuickBooks Online account to keep your books up to date. I'd be happy to help. I encourage you to follow this steps to record your sales tax interests.

 

  1. Click on Taxes on the left navigation menu.
  2. Select New.
  3. Choose Interest/Penalty.
  4. Enter the correct Assessment date, Adjustment account and Amount.
  5. You'd need to repeat this action to enter interest on GST (TPS) and TVQ.
  6. Select Save.

 

Once you've recorded your interests, you can select Record Payment. This will allow you to match them to your banking transactions.

 

If you're unsure which adjustment account to use, I recommend contacting an accountant. They'll be able to point you in the right direction to record your sales tax interests to keep your books balanced. If you don't have an accountant, we can help you locate a ProAdvisor in your local area.
 

Let me know if you have any questions, I'll be happy to help.

 

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