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How do I enter my 2014 GST Refund? Should It be booked as a recievable?
Hi Natasha! Short answer, Yes. I'm going to make an assumption that the 2014 return occurred prior to the start of your books in Analyst, if that assumption is incorrect then please clarify that for me.
Transactions that happened prior to the start of your books are accounted for in your opening balances. So if the books started January 1, 2015 and it's the 26th and I have a GST refund cheque to deposit then I need to have something in my opening balances to account for the GST return processed at the end of 2014. To do that we enter a receivable charge. It's important when entering the receivable charge that it is dated as the day before the start of the data file. If the books start January 1, 2015 then the receivable charge to record the previous year's return in the opening balances needs to be dated December 31, 2014. The offsetting entry will need to be an A- line to the GST paid account, typically 1298-00, for the full amount of the receivable charge.