Setting up previous year balances for accounts when starting in Quickbooks
I started using Quickbooks Pro 2010 at the beginning of the year and I am trying to setup the opening balances for my accounts correctly.
Where I am having problems is entering in the data for GST Rebates (and PST and HST as well).
Here is the entry from my previous year end balance sheet:
Accounts Payable $4,203.99
GST Paid on Purchases $(240.50)
Receiver General Payable $(240.50)
It is the GST Paid on Purchases and the corresponding Receiver General Payable amounts that I do not know how to enter.
I did not enter/create a Tax report in Quickbooks for the previous year as there was no data to draw the ITCs from.
Is it as simple as creating a general journal entry? If so, what accounts would Quickbooks use for the debit/credit? Also, when the rebate comes back from the government, how do I record it to ensure it is accounted correctly?
Thanks in advance!
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