Skip to main content
C
CBlue
October 14, 2024
Question

Which category do we use to classify the Ontario Trillium Benefit (OTB) in Quickbooks Online

  • October 14, 2024
  • 1 reply
  • 0 views

Which category do we use to classify the Ontario Trillium Benefit (OTB) in Quickbooks Online?
When you are a Sole Proprietor business, it's simply considered a personal deduction, right?

 

Should the OTB Gov Refund transaction show in your Balance Sheet like this? For example:

Personal Deductions (Gov Credits):OTB | Ontario Trillium Benefit 

 

Trying to find the best way to report it in my files.

1 reply

J
JamesM4
October 15, 2024

Hello CBlue,'

 

Thanks for reaching out to us here. QuickBooks is a versatile 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. That said, 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'll be here.

C
CBlueAuthor
October 21, 2024

This is a great non-answer. Yes, it is prudent to ask accountants for advice but don't you have CGA professionals working at QuickBooks to offer general advice and most common options for Canadian users, the way you would provide info in a blog page?

 

Anybody in the commmunity, knowing how to handle this best?

Terms & ConditionsAccessibility statement