I have received a PST refund on some farm equipment. How do I decrease the book value of that piece of equipment if it has already been added to the capital asset schedule?
Good morning Cheryl :) You'll need to split the capital asset. (One portion that is the refunded PST, and the other portion with the remainder). Once you've got that split done (Setup > Capital Assets), then you can deposit the refund and offset that with a C- line to get rid of the PST portion split.