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C
CARWISE
May 25, 2020
Question

CORPORATE TAXES PAYABLE DEDUCTED FROM HST REFUND

  • May 25, 2020
  • 1 reply
  • 0 views

I had a corporate taxes payable which was deducted from the HST refund for January return. I need to record the payment of 2019 corporate taxes and decrease the HST owing to me. Do I do this with a journal entry? should it be done in multiple entries or just as one?

1 reply

L
LauraAB
May 25, 2020

Hello again CARWISE,

 

Figuring out how to record these kinds of transactions can be tricky, but I also know they're an essential entry in your books. I want to make sure you have the answers you need for recording this in QuickBooks Online.

 

When it comes to recording corporate taxes, the program doesn't have a built-in feature for that. Equally, there isn't a simple button for recording what you're talking about here either. Because of that, a journal entry may do the trick, but to find out just how to implement it, I recommend touching base with an accountant.

 

With their training, an accountant will be able to advise you which accounts to touch on and how in order to make sure this transaction is handled in the program. If your accountant knows QuickBooks, even better! They'll then have both the accountant backing and knowledge of the program to help with this process.

 

The My Accountant tab is a useful tool for connecting with an accountant. It has the option to both invite someone you're already working with to your account as a user or use the Find a pro to help button to find a QuickBooks-savvy accountant near you. I encourage you to take advantage of this.

 

Feel free to browser through Community to see other corporate tax discussions too. You never know, they may help you figure this out.

 

Have a great rest of your day! 

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