Tax refund

Thanks for visiting the Community today, Rooted.

Let me point you in the right direction on how to reconcile your corporate tax.

In situations like this, you’ll have to record the payment and refund you’ve received from the government. Since these transactions are different from the bank, you’ll have to adjust them by creating a journal entry.

As always, I recommend consulting with an accountant to guide you on which account to use for the Debits and Credits. Alternatively, exclude the data from your bank and manually reconcile the transaction.

To exclude:

1. Go to the Banking or Transactions menu on the left panel and choose the Banking tab.
2. Click the Blue tile icon and pick the account you’re working on.
3. Head to the For Review tab and tick the boxes for the entries you wish to remove.
4. Tap the Exclude button.

Here’s an article that provides more insights into this process: Exclude a bank transaction you downloaded into QuickBooks Online. It contains tips on when to perform the process as well as steps on how to do this one using a mobile device.

For additional resources, the links below cover all the details to balance your bank or credit card statement. You’ll learn about creating a journal entry and managing sales taxes in QuickBooks Online (QBO).

• Reconcile an account
• Journal Entry
• Sales taxes

Feel free to leave a comment below if you have additional questions about the reconciliation process or taxes. I’m more than happy to answer them for you. Enjoy your weekend.