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Hi, I have file my tax return on QBO, which QB has created a Journal Entry for that with Dt GST Suspense and Ct GST Control, where I believe the GST Suspense is the account representing the amount payable/receivable from the tax authorities. So when I record the payment using the feature on QB, in my case an amount receivable, will it be correct to assume that QB will create a Journal Entry with Dt Bank Account and Ct GST Suspense? Thank you. Regards,Ily
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All the while I am using the desktop version. I just subscribed for the online version, it is not user friendly, slow and not so customisable especially the invoice, can opt for the desktop version
how do i record the return of a security deposit but not the full amount, it is currently a line on the accounts as non current asset, when i put the money back in say -10% the accont won't balance, I'm guessing i need to create another item along lines of "Security deposit deduction" and that will be a liability? or what type of account i'm not sure, all the answers i have seen are from other way round mainly real estate businesses managing client funds, this is me paying out then getting back a deposit for my business.
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