Recording a GST refund 

To record a GST refund:

1. Select Transaction Entry from the Transactions menu. The Transaction Entry dialogue box opens.
2. Select Deposit from the Transaction type drop-down menu.
3. Enter the number of the Bank account you want to deposit the refund into.
4. Select RP (Receivable Payment) from the Type drop-down menu.
5. Double click the Account column and select the appropriate customer card (CRA - GST).
6. Press Tab or Enter on your keyboard to access the Amount column, and enter the amount of the refund.
7. Press Tab or Enter on your keyboard to view the open invoices for the selected customer card, select the applicable open invoice from the list of available GST Returns, and enter the amount received (or to be applied).
8. Click Done.
9. Click Record to post the balanced transaction. 

Note: If interest is included in the GST refund, enter it in a separate line as interest income, not as part of the receivable amount

Last updated on August 5, 2014 by FCC AgExpert