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V
Vonyachtski
October 1, 2024
Question

Recording arrears interest on GST owing

  • October 1, 2024
  • 1 reply
  • 0 views

Hi there,

What would you suggest is the best way to record arrears interest on GST owing in QBO?  I have used the tax filing and am posting payments to the appropriate period but there is accumulating arrears interest.  I've been using the "add interest/penalty" feature to record monthly interest, but I'm wondering if it may be better to just make a journal entry?  Thanks!

1 reply

J
JamesM4
October 1, 2024

Hello Vonyachtski,

 

Welcome to the Community. QuickBooks is a powerful program that helps you to manage your accounting with ease. I'll be glad to share more info so you're on the right track with your work. 

 

Recording your transactions the right way is essential for ensuring your books remain accurate. I recommend consulting an accounting specialist for expert advice. This ensures your entries are recorded in a way that allows for you to navigate the program with peace of mind. You can get in touch with an accounting professional using this link here. Other accounting professionals are able to see this post in the Community and this will allow them to chime in. 

 

Let me know if this info helps. I'm here to steer you in the right direction.

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