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Helen Spalony
April 28, 2023
Question

How to record a refunded interest for HST GST refund

  • April 28, 2023
  • 1 reply
  • 0 views

Hi. I received a notice of assesment for HST HST return from CRA and it shows a refund plus a refunded interest. If I record a received refund from 'Taxes'/Record refund', It doesn't allow me to add the adjustment. 

I can split this received payment  into two payments - actual refund amount recorded from TAXES and the other separate payment for refunded interest recorded from Bank account, but it doesn't look right. 

The same problem is when I want to apply a collection credit which some provinces allow. It doesn't let me to add adjustment. Please help me to put it inot the QB correctly

Thank you!

 

1 reply

T
Trish_T
April 28, 2023

Hi Helen Spalony,

 

Welcome to Community!  Recording your your GST refund and associated interest in QuickBooks Online, is essential in keeping your records accurate.  For the best course of action, I recommend speaking with an accounting professional.  If you don't have an accountant, we can help you locate a ProAdvisor in your local area.

 

Please feel free to reach back out, if you have other questions.  We'd be happy to help!

C
Charlie_17
May 18, 2023

I have the same issue.  I don't see why it would have to be handled by an accountant. As administrator and sole user of QBO I should be able to make this adjustment myself.  I have seen other posts that say to undo the filing but I don't have that option in the drop down menu even though I am in accountant view.

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