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June 12, 2023
Question

How do I record interest earned from my sales tax refund in the sales tax module?

  • June 12, 2023
  • 2 replies
  • 0 views
I only see that I can enter values into the "Refund To", "Refund Date" and "Refund Amount" fields before I click on Record Refund.  Will I find an Add Interest box somewhere?

2 replies

June 12, 2023

Hello patty36,

 

It's great to have you join the QuickBooks Community. QB Online is a versatile program that helps you streamline your work using the powerful features offered in the program. Rest assured, I'll be happy to share more info so you're on the right track. 

 

The  function you've described above isn't available. I can see the benefit of having this function and I encourage you to send feedback about this to our engineers. You can send feedback by clicking on the Gear icon and looking for Feedback. New product features and improvements are largely based on the valuable feedback we get from users like you.

 

Let me know if you have other questions by leaving a comment below. I'll be one message away.

June 14, 2023

QBO doesn't have that option unfortunately.  You will need to record it as a Journal Entry.  

 

If you haven't done a JE in QBO online here is the location of the module:

+New - Other - Journal Entry

 

You'll want to do the entry to record the interest received. 

Debit the bank account 

Credit Interest Revenue

Memo - To record interest earned on Sales tax refund (enter the date of sales tax report).  {This way you will be able to mark both the refund plus the interest when you do your bank reconciliation.}

 

Hope this helps!