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bethan-jenk-gmai
January 15, 2021
Solved

How do I account for a grant payment

  • January 15, 2021
  • 1 reply
  • 0 views
Original commenter did not share additional details
Best answer by RenjolynC

I appreciate your time getting back here, bethan-jenk-gmai.

 

To ensure the grant payment is categorised correctly, I'd recommend consulting your accountant on where to put the transaction on the correct line of your Schedule C.

 

You can also read this article for more information: Categorise transactions in QuickBooks Self-Employed. To view other guides and tutorials, feel free to visit our general help topics page. 

 

If you have any follow-up questions or other concerns with your account, please let me know in the comments below. I'm always here to help. Thanks.

1 reply

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GeorgiaC
January 15, 2021

Hi bethan-jenk-gmai,

 

You can record receiving the grant using a bank deposit (+ New > Bank deposit). 

 

On the deposit, select the date that this was received and the bank that this was paid into under 'Account', make sure there's nothing selected under 'Select the payments included in this deposit' and then scroll to 'Add funds to this deposit'.

 

Here, change the 'Amounts are' drop-down to 'No VAT'', enter the account that you want to post this to under 'Account', and then enter the full amount and save & close. 

 

Please get back to us below if you have any questions!

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bethan-jenk-gmaiAuthor
January 17, 2021

Hi, 

 

Thank you for your reply. I don't seem to have the +New > Bank deposit as an option?

 

I'm using self employed plan, does this make a difference?

 

Thank you

RenjolynC
RenjolynCAnswer
January 17, 2021

I appreciate your time getting back here, bethan-jenk-gmai.

 

To ensure the grant payment is categorised correctly, I'd recommend consulting your accountant on where to put the transaction on the correct line of your Schedule C.

 

You can also read this article for more information: Categorise transactions in QuickBooks Self-Employed. To view other guides and tutorials, feel free to visit our general help topics page. 

 

If you have any follow-up questions or other concerns with your account, please let me know in the comments below. I'm always here to help. Thanks.

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