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GST account has a balance, it is from previous years GST cheques not being posted to the receivable account. How do I clear this balance?
Hi Debbie!
Again, another one that has slipped past us! Wow!
In your transaction entry screen, you will need to do a Withdrawal transaction, for zero dollars. On your first line, use type RP, and select your GST customer. Then, select the GST return that you want to remove from the account. Click on OK. You will get a message that says it doesn't equal, but that is OK. This should take you back to the transaction screen.
Create a second line. Select type EQ, and account 3998 Retained Earnings (assuming you are a personal set of books, and not a corporation). The transaction should auto-balance, and you will be able to record the transaction.
If you are a corporation, do NOT make this entry. Instead, you will need to go back into your transactions list through the Edit/Reverse Transaction screen. Find the transaction where you received your GST refund, and edit the item. It is likely that this cheque was entered incorrectly, and needs to be applied against the outstanding receivable.
Let me know if you have any other questions!