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May 15, 2021
Question

After filing GST the balance is a refund of $1.75, as it's less than $2 CRA doesn't pay it out. How to a record it to close the file? Under refund you cannot put 0.

  • May 15, 2021
  • 1 reply
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1 reply

May 17, 2021

Hi lenitawywong,

 

Making sure your GST filings are correct and the refund balances are recorded correctly is imperative for keeping your books accurate. I can help point you in the right direction on how to get this resolved.

 

QuickBooks Online makes setting up your sales tax refunds easy so you can enter the money you get back with ease. In this situation I recommend reaching out to an accountant on how to enter this into your accounts as the CRA doesn't pay amounts under a certain amount. This is to ensure that the balance of the refund gets entered and doesn't effect your accounts in the wrong way. If you don't have an accountant no worries, we have your back. In your QuickBooks Online account you can go to My Accountant>Find a pro to help to find one in your area.

 

Once the accountant lets you know what accounts to use and how to enter the corrections let us know and we'll be happy to help you with the steps to make the changes.

 

Have a great one!