I have a credit with CRA ($563.44). How do I show that in my books, or do I need to as I am self employed

Keeping a precise record of your CRA credit in QuickBooks is essential for maintaining well-organized and accurate financial records, marilyn. Let's go through the steps to ensure this credit is properly reflected in your accounts, keeping everything streamlined and up to date.

Documenting the CRA credit in QuickBooks Online (QBO), enhances the reliability of your financial data. It ensures that you have a documented record of the credit, which can be easily accessed and reviewed when preparing tax returns or during audits.

To do so, please see the steps below:

1. Go the Sales Tax menu, then Filings tab and click on the Filed option from the All returns drop-down menu.
2. In the Action column, click the drop-down menu and choose Record payment if you are documenting a payment to the CRA, or Record refund if you are recording a refund received from the CRA.
   
   
3. Select the appropriate Payment type that corresponds to how the transaction was conducted.
4. Input the Payment date, which should be the date you either made the payment to the CRA or the date you received the refund from Revenue Québec.

After entering all necessary information, once the transaction is processed, it will appear in your Account History under the date you recorded the payment or refund. This will help you keep track of all transactions related to the CRA.

For more detailed information, please refer to the article: File sales tax in QuickBooks Online.

Furthermore, if you require additional assistance with this, I recommend reaching out to your accountant for their expertise.  If you don't have one, we can help you locate a ProAdvisor in your area.

In addition, I'll provide these articles that serve as a guide on how to correct or modify your sales tax records and manage sales tax adjustments in QBO:

• Create or delete a sales tax adjustment in QuickBooks Online
• Adjust sales tax liability in QuickBooks Online

The details above not only streamline your financial management but also reinforce the overall stability of your business finances. If you have any further questions or require additional support, please do not hesitate to revisit this page. We are dedicated to supporting you at each step of the process.