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ig_roberts
April 20, 2020
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What category fits Goverment grants?

  • April 20, 2020
  • 1 reply
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Original commenter did not share additional details
    Best answer by payment after leaving

    Hi ryedesgin

     

    You coulld set up an equity account within the chart of accounts; select accounting > chart of accounts > new > in teh account type select Equity > Paid in capital or surplus > give the account a name > save and close. When you receive the money into your bank account; create a bank deposit, New+ bank deposit > in the account field select the bank account that the amount was credited to in the account fieid and the corresponding date in the date field > in the account column of the 'add funds to this deposit section select the equity account created above > you can if you wish enter/create the name of the body that the amount was received from in the received from column, however it is not necessaey > enter the amount received in the amount column > enter No VAT in the amounts are field.

    We are not trained accountants and any information that we provide should be qualifed by an accountant.

    1 reply

    A
    Ashleigh1
    April 20, 2020

    Hello Ig_roberts, 

     

    Welcome to the Community page, 

     

    We are not accountants and are unable to advise what category to put the government grant in, we don't know what the grant is for therefore can't tell you how to entre it, we would advise speaking to an accountant they will be able to assist you with this query. 

     

    If anymore has done a similar thing or if any accountants now we welcome them to comment on this post. Thanks 

    R
    ryedesign
    April 23, 2020

    I would imagine there are many, many QB users in receipt of a grant recently. 

    Hopefully someone will be along to give some advice to us soon.

    P
    payment after leavingAnswer
    April 23, 2020

    Hi ryedesgin

     

    You coulld set up an equity account within the chart of accounts; select accounting > chart of accounts > new > in teh account type select Equity > Paid in capital or surplus > give the account a name > save and close. When you receive the money into your bank account; create a bank deposit, New+ bank deposit > in the account field select the bank account that the amount was credited to in the account fieid and the corresponding date in the date field > in the account column of the 'add funds to this deposit section select the equity account created above > you can if you wish enter/create the name of the body that the amount was received from in the received from column, however it is not necessaey > enter the amount received in the amount column > enter No VAT in the amounts are field.

    We are not trained accountants and any information that we provide should be qualifed by an accountant.

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