Skip to main content
K
kristincodling
September 19, 2022
Question

How do I record a GST refund from the government into my business bank account?

  • September 19, 2022
  • 2 replies
  • 0 views
Original commenter did not share additional details

2 replies

J
JamesM4
September 19, 2022

Hi kristincodling,

 

Welcome to the Community. QuickBooks is a powerful program that helps you manage your work with peace of mind. I'll be glad to share more info so you're on the right track with your work.

 

Making sure you're recording your transactions properly is an essential step for maintaining clean books. To ensure accuracy in your books, I recommend reaching out to an accounting professional for expert advice on this. If you're not in contact with a professional, don't worry, you can search for one using this link here. 

 

I'll also leave this question open in the Community so other accountant users can share their advice. Otherwise, feel free to ask other questions, I've got your back.

C
cloud7
October 9, 2022

Hello,

There are different ways to record that. I am giving you below a simple example. If you need any more clarification, please do not hesitate to contact me by phone or email 

 

Journal entry for GST refund      
       
For Example, On March 31st, 2022, ABC Inc. filed quarterly GST return and you are expecting refund from CRA?  
       
During the period 2022-01-01 to 2022-03-31 , ABC Inc. collected  total GST of $500 on sales and paid GST on purchases of $400.
 Find below to show that journal entry:     
DateAccount DebitCredit  
31-Mar-22GST collected on sales  500  
31-Mar-22GST paid on purchase 400   
31-Mar-22GST refund receivable 100   
       
On April 15, 2022, ABC Inc. received a refund $100 deposited on the bank account from CRA. To record the refund received:
Journal entry should look like this:     
DateAccount DebitCredit  
15-Apr-22Cash 100   
15-Apr-22GST refund receivable  100  
       
Terms & ConditionsAccessibility statement