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Kreative Kidz

Change GST refund calculation

Posted By

My balance sheet is showing a GST owing (refund) amount that is equal to the GST paid on purchases. Our organization is a non-profit and has filed for a return of 50% (the maximum we are eligible for). How do I change settings so that the amount showing in the GST Owing (refund) is the actual amount of the refund we will be receiving? I really don't want to have my balance sheet showing an incorrect amount for the fiscal year end.

Parents
  • 0

    Hi Kreative,

    Written below is a KB article of how to setup sales taxes and tax codes for a non-profit organization.  You may want to have a look at it

    How to setup Sales Taxes and Tax Codes for a non-profit organization (including Quebec) - KB11100

    In your case, for the GST50(the portion that is not refundable), you may want to link it to a different GST charged on sales and GST paid on purchase account.  By doing this, the actual GST charged and paid that will be used to calculate whether you have refund or owing will go to the correct GST charged on sales and GST paid on purchases account, and provide you the correct net result.

    Hope this helps.

Reply
  • 0

    Hi Kreative,

    Written below is a KB article of how to setup sales taxes and tax codes for a non-profit organization.  You may want to have a look at it

    How to setup Sales Taxes and Tax Codes for a non-profit organization (including Quebec) - KB11100

    In your case, for the GST50(the portion that is not refundable), you may want to link it to a different GST charged on sales and GST paid on purchase account.  By doing this, the actual GST charged and paid that will be used to calculate whether you have refund or owing will go to the correct GST charged on sales and GST paid on purchases account, and provide you the correct net result.

    Hope this helps.

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