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olyamir33
April 25, 2020
Question

Refund cheque for HST from CRA

  • April 25, 2020
  • 1 reply
  • 0 views

In January 2020 I received a refund from CRA for HST assessment in December 2019. The cheque was for $1800 which I deposited into my bank account. Then I was reassessed and owed $1700 which I paid online. 

Now I’m doing my books for Q1 2020 and unsure how to record this correctly. Please help. 

1 reply

AddieC
AddieC
April 27, 2020

Hi there, 


I know how important it is to record a sales tax refund in your QuickBooks Online account. Doing this properly will ensure your books are up-to-date and organized. I'd be happy to explain how to record your HST refund cheque from the CRA.

 

These steps should be followed if you've recorded your tax return in QBO:

  1.     Make sure you're on the Sales Tax tab and Returns tab. 
  2.     Find the relevant filing. 
  3.     Click the option in the Action column (it should say Record Payment). 
  4.     Select Refund and then fill in the refund information. 
  5.     Click Save.  

If you haven't recorded your tax return in QBO and you need to record your refund, I'd encourage you to reach out to an accountant for advice on how to account for these funds in your books. If you're not already connected to an accountant, you can find one in your area here: Find an accountant.

 

For any further assistance, please consult with our tech support team so an agent can get you back on track.

 

Have a great day.

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