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L
LittleLou
August 13, 2020
Question

Get rid of corporate tax refund less than $1?

  • August 13, 2020
  • 1 reply
  • 0 views

The CRA neither asks for nor refunds amounts that are less than a dollar. Example: The CRA owes me a tax refund $1,000.16. They send me a cheque for $1,000.00. So now my receivables account have a leftover value of $0.16.

I know it doesn't sound like much but it drives me crazy that the account doesn't balance at $0. Is there any way for me to get rid of the $0.16?

 

More background:

1. The refund was a implemented as a G/L year-end entry (as opposed to a bill).

2. The refund occurred in a prior taxation year.

 

 

1 reply

J
JamesM
August 13, 2020

Hi LittleLou,

 

It's important you're able to correctly handle the $0.16 on your account. I'd be glad to steer you in the right direction so you can focus on your business. 

 

QuickBooks is designed to help automate most of the manual tasks involved with managing your books. Based on what you've described, I recommend reaching out to an accounting professional for expert advice. Doing this helps prevent any discrepancies in your books. If you're not in contact with an accounting professional, I suggest searching for one on our site using this link here. 

 

Give this a try and if you have questions, I recommend contacting our support team using this link. Otherwise, feel free to leave a comment below. I'll be on standby. 

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