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speezy
Jan 4, 2020 7:41 AM UTC
Question

How to record "Refund Interest" from CRA in Quickbooks Desktop

I can not for the life of me get the refund interest I received from CRA to reflect on Line 101 of the sales tax filing screen. I recorded it to an income account named "Interest Income" using the "record deposit" screen and it shows up in my profit/loss report. However, the amount does not get added in with my sales on Line 101. From what I gather, the interest received from the CRA must be declared as income so this is important to fix.

1 reply

speezyAuthor
Jan 5, 2020 5:13 AM UTC

What I ended up doing is deleting the original "record deposit" entry. Instead I set up the CRA as a customer and added the refund interest amount via the Sales Receipt screen. This allowed the amount to reflect properly on Line 101.

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