Just received GST and QST return from Canada Revenue by direct deposit to my business bank account, under what category should I record them?

Hi there, 

Recording your transactions and categorizing them correctly is essential for the accuracy of your bookkeeping. QuickBooks helps you record your GST/QST refund in a breeze, offering a specific tool within the Sales Tax centre to do so. I'll explain how to record the refund, and how to match it to what you're seeing in your bank feed. I'll also shed some light on your options for categorizing the transaction. 

The first step will be to make sure you've recorded the GST/QST refund properly within the Sales Tax centre. To do that, click Taxes > Sales Tax > locate your filing > click the drop-down arrow > select Record Refund. Make sure to input the correct date and amount as it appears in your online banking statement. 

Here's more information about recording your filing and tax refund in QBO: File sales tax.

Next, you'll be able to match this transaction to what's appearing in the bank feed. To do that, locate the banking transaction in the For Review section of the bank feed. Once you've located it, click on the transaction and select Find Match. 

For more information about categorizing, matching, and adding bank transactions, check out this article: Categorize and match online bank transactions in QuickBooks Online.

If you'd like to categorize the transaction and you're not sure which category to choose, I recommend consulting with your accountant to ask for their advice. Your accountant is the best equipped to help you make the best selection. If you're not yet connected to an accountant in QBO, you can find one in your area here: Find a ProAdvisor.

I hope this helps get you back on track. If you have any other questions, please don't hesitate to reach out to our tech support team. 

Cheers.