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Refund taxes for a tax-exempt company

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This processing is done in three easy steps: specify the eligible percentage related to the tax refund, link taxes to General Ledger accounts and enter the tax refund in the accounting.

  1. Specify the eligible percentage related to the tax refund
    2.
    1. Go in the left menu, Data/Building in the Building tab of the relevant building
    2. Deselect Automatic Calculation in the Commercial part section at the right bottom
    3. Indicate the refundable tax percentage
    4. Repeat steps 1 to 3 for all eligible building to a refund
  2. Link taxes to General Ledger accounts
    3.
    IMPORTANT You must link to accounts from the chart only taxes for which you receive a refund.
    1. Go in the top menu/Accounting/Taxes…
    2. In Calculation order, click on GST to select this tax
    3. In Accounts/Collected tax, indicate 2310 (GST collected on income) or click on the magnifier + to select another account
      4. li>In Accounts/Paid taxes, indicate 2315 (GST paid on purchases) or click on the magnifier + to select another account
    4. Click on the diskette to save.

      IMPORTANT If you are entitled to a QST refund, continue with steps 6 to 9 or otherwise, stop here.
    5. In the Calculation order, click on QST to select this tax
    6. In Accounts/Collected tax, indicate 2340 (QST collected on the income) or click on the magnifier + to select another account
    7. In Accounts/Paid tax, indicate 2345 (QST paid on purchases) or click on the magnifier + to select another account
    8. Save and close
  3. Record the tax refund in the accounting


    4. For more details regarding this procedure, refer to the link below.
Mots clés::  refund ,  taxes ,  tax-exempt ,  company