Sales tax payment transaction

dontworryaboutit

Im a US LLC. I sell in Canada & USA. I use cash accounting.

Im GST registered & remit for my Canadian sales.

I had to make a $5k CAD GST "deposit" to the CRA when I registered.

I made this deposit with a personal canadian card & payed it off with personal CAD funds. I then converted this $5k CAD to USD based on the monthly exhange rate ($3673 USD) & the LLC reimbursed me.

How would this transaction play out in waveapps?

1. 5k CAD GST payment: DR $3673 owners contribution CR ???
2. LLC reimbursment: CR $3673 owners contribution DR ???

AlexL

Hey @dontworryaboutit , I'd highly recommend reaching out to your CPA for help with this as this does touch on numerous factors that make it complex accounting.