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Old 06-08-2010, 11:19 PM
ssilandbank ssilandbank is offline
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Join Date: Jun 2010
Posts: 1
Question Charities and GST refunds

Hi there,

We got Quickbooks 2009 Acocuntant Edition from techsoup Canada, for a really good price, being a charity.
Also being a charity, we get 50% of our GST back.
Does quick books have a way of handling that refund. I tried GST at 2.5% instead of 5% but that is only close enough with small amounts.

On a cheque I usually enter the GST account first, then agree to overide a GST system and then I have to type 'YES' into a pop up box and then in the amount column, I enter the gst amount x.xx/2, then on the next line I click over and the remaining amount pops up by itself in the the amount column.

This works, I get the amount to bill out to the funders (the item plus 50% of GST and I ge the 50% rebate stacking up in one account, for easy filing, but it is a nuicance to haved to agree to override the system twice for each transaction.

It is not possible to set the tax code to half of 5%, either.

Does anyone know if there is somethiing in quickbooks that addresses this?
Thanks for any help, Neddy
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Old 06-10-2010, 01:54 PM
jonabyte jonabyte is offline
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Join Date: Feb 2010
Location: canuckland
Posts: 170
Your best bet is to record the GST as it appears on the invoice. Then print out a report of the GST ITC's when you file your return and do a journal entry to expense the half of the amount to a GST expense.

Normally a business would not have a GST expense account, but it is common for a charity to do so.
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Old 11-10-2013, 03:56 AM
Buttercup Buttercup is offline
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Join Date: Nov 2010
Posts: 7

This explains it very nicely! You can have the various tax amounts allocated correctly by following the setup explained in the above link. The amount of tax that is not refundable remains part of the cost of your budget line item. It's quite perfect.
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