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March 4, 2022
Question

Is a tax refund CANADA recorded as income?

  • March 4, 2022
  • 1 reply
  • 3 views
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1 reply

Level 6
March 5, 2022

Hello stopattheoffice,

 

Thanks for taking the time to reach out to us here. QuickBooks is a versatile program that enables you to get your work done faster. I'll be glad to share more info so you're on the right track with achieving your goals. 

 

Making sure you're recording your transactions properly is an essential step for maintaining clean books. To ensure accuracy in your books, I recommend reaching out to an accounting professional for expert advice on how to record the transactions. If you're not in contact with a professional, don't worry, you can search for one using this link here. Otherwise, here's how to record your a tax refund ii QuickBooks: 

 

1. Open Taxes from the left menu and select Sales Tax

2. Using the All returns drop-down choose Filed from the list

3. In the Action column, select Record Refund using the drop-down arrow

4. Enter the Refund information

5. Once you've recorded the refund you'll see it in your account history

 

I'll leave this question open in the Community so other accountant users can share their advice. Otherwise, feel free to ask other questions, I've got your back.