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Vkulynych
January 6, 2023
Question

Taxes - Filing GST - How do I match the bank transaction to the tax filing if the CRA withheld fund to pay another tax account

  • January 6, 2023
  • 1 reply
  • 0 views

So I filed our GST return and the CRA withheld an amount to cover a bill to them in another account. So now the tax filing and the bank deposit are different amounts.  How do I correct this so it shows the bill as paid and the lesser bank deposit matches the tax payment?  I assume this has to be done by altering the journal entries and then matching them on the bank reconciliation.  I would appreciate help with this as I am not too sure what needs to be done. 

1 reply

A
Amanda-B
January 6, 2023

Hey there Vkulynych,

 

Thanks for reaching out to us here. Making sure you're recording your transactions properly is an essential step for maintaining clean books. I would be happy to point you in the right direction.

 

To ensure accuracy in your books, I recommend reaching out to an accounting professional for expert advice on creating these types of transactions. They'll be able to guide you in choosing the correct transaction type as well as which accounts to affect so that your accounts can end up with the right balance. You can add your accountant to your books by going to the My Accountant tab of your QuickBooks account. You can also find an accountant that has experience using QuickBooks near you by clicking on the Find a pro to help option in that section.

 

If you have any other questions, feel free to reach out to us here.

V
VkulynychAuthor
January 7, 2023

Thank you for your response.  I really was hoping to solve this on my own as my accountant is very busy and will not be able to get back to me in a timely fashion.  I already have them as an accountant on our account with full access.  I have been able to manage the entire year without support from our accountant until this complicated issue.  

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