How To Record A Double GST Payment?
by Gwen
(Calgary, AB Canada)
How to record a double GST payment? First thing is to breathe.
I pay my GST annually once a year. I went to the bank and did so through the teller on October 15th for $500.00.
On November 30th, the bank pulls the GST payment from my bank account unexpectedly. Now there is a double payment of GST for $500.00.
I asked CRA for this double payment back. They sent me a cheque for $500.00. How do I record this double payment and then the reimbursement?
Hey Gwen, don't you hate it when stuff like that happens?
If it were me, I'd entered the November bank withdrawal as an expense through the "write cheque" feature in QBD or "expense" feature in QBO. I'd code it to your GST Payable account in QBD or the GST Suspense account in QBO.
Once I received and deposited the cheque to the bank, I would use the "Make Deposit" form in QBD or "Bank Deposit" form in QBO coding it your GST Payable account in QBD or the GST Suspense account in QBO effectively offsetting the November entry.
When you do your bank reconciliation, everything should clear and your GST Payable account in QBD or the GST Suspense account in QBO should show both the in and out of the November payment.
QBD = QuickBooks Desktop
QBO = QuickBooks Online
Comments for How To Record A Double GST Payment?
|
||
|
||
