Canadian GST/HST Rebate

[Larissa Hayward]

Thanks William,

You have confirmed something similar to what I was thinking of doing. Unfortunately I had also read some advice geared toward Quickbook users and became confused. This makes more sense.

Thanks a bunch,

Larissa

> Date: Sat, 14 Apr 2012 15:57:00 -0400
> From: william.colls at rogers.com
> To: gnucash-user at gnucash.org
> CC: larissahayward at hotmail.com
> Subject: Re: Canadian GST/HST Rebate
> 
> On 04/13/2012 09:39 PM, Larissa Hayward wrote:
> >
> > Hello,
> >
> > I am a Canadian small business owner and we received a GST/HST rebate. Can someone tell me the correct way to enter this in Gnucash?
> > Thanks,
> > Larissa
> >   		 	   		
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> 
> Depends on how you set up your GST/HST Accounts.
> 
> I use three liability accounts: GST Collected, GST Paid, and GST 
> Payable. For each taxable transaction, the GST amount gets posted to one 
> of GST Collected, or GST Paid. At the end of each reporting peerod, 
> Quarterly in my case, I would make a General Journal entry to debit GST 
> Collected , credit GST PAid, and a balancing entry to GST Payable which 
> reflects either the amount I must remit, or the amount the feds owe me. 
> Then, when I cut a cheque, or receive my rebate, the posting is to bank, 
> and GST payable. For exampole, suppose during the quarter I have 
> collected $50.00 in GST, but have paid out $100.00. So at the end of the 
> quarter My GST Collected account has a credit balance $50.00, and my GST 
> Paid account has a debit balance $100.00. The end of quater GL entry is:
> 
> GST Colleceted                $50.00
> GST Paid                               $100.00
> GST Payable                   $50.00
> 
> I make my submission to the feds, and they send me a cheque for $50.00.
> I now make a General Journal entry:
> 
> Bank                           $50.00
> GST Payable                            $50.00
> 
> William.
> 
> 
> 
> 
> -- 
> I know that you believe that you understand what you think I said, but I 
> am not sure that you realise that what you heard was not what I meant.