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I am a beginner so please bear with me...
I am inputting a deposit for what looks like a GST return. I don't think this goes under regular taxable income but where does it go? I looked at previous years GST returns for the company and they are under Accounts Receivable.
Hi there! You're right, they belong in Accounts Receivable. If you're setting up a new data file then you'll need to set up the receivable charge against which you'll end up depositing the cheque. With our new software this is easier than ever. Simply open up your regular transaction entry screen and choose Transaction Type "Receivable Charge." Fill in the top half of the screen, being sure to choose a date that is prior to the start of your first fiscal year in the software. Your transaction details (bottom half of the screen) should be type A+ and account GST Paid. The transaction should automatically balance it self by copying the amount from the total to this line. Record that transaction and you're ready to go.
Now we deposit the cheque you received. Fill in the top half of the screen as you normally would. Your transaction details are: Type, RP (Receivable Payment), select your CRA GST/HST Receivable account. You'll get a small pop up window that lists all of the outstanding Receivable Charges on that account and to the right of each outstanding balance is a little check-box. Simply check off the balance you would like to clear with this deposit and then click Ok to close that window. Your transaction will be balanced and you can click on Record.