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O
OEC
April 6, 2022
Question

Recording a GST refund minus an amount owed to the CRA

  • April 6, 2022
  • 1 reply
  • 0 views

Hi,

 

My GST refund that I was expecting was $12,961.51. However, I received $12,700.19 because I owed $265.15 in penalties for a late DAS report.    How do I record my refund and account for the penalty amount without messing up the tax side?  Any advice would be appreciated.  Thank you. 

1 reply

J
JamesM4
April 6, 2022

Hello OEC,

 

Thanks for connecting with us here. It's great to learn you're taking advantage of the powerful features in QuickBooks so you can streamline your accounting. I'll be glad to point you in the right direction so you can get the resolution you need in a timely manner. 

 

Making sure you're recording your transactions properly is an essential step for maintaining clean books. To ensure accuracy in your books, I recommend reaching out to an accounting professional for expert advice on how to record the transactions. If you're not in contact with a professional, don't worry, you can search for one using this link here.

 

I'll leave this question open in the Community so other accountant users can share their advice. Otherwise, feel free to ask other questions, I've got your back.

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