Skip to main content
M
mytfcatax
March 12, 2023
Question

How do you enter tax refunds, state and federal?

  • March 12, 2023
  • 1 reply
  • 0 views
I cannot see a place or way to enter that a deposit is due to an income tax refund. 
I had my refund be deposited into a different kind of account that isn't included here in QuickBooks. I withdrew cash from that account and deposited split it up into my business account, and my personal account. I don't think I should include it as business income, but still need some way to account for it.

1 reply

MichelleBh
MichelleBh
March 12, 2023

Happy to help, @mytfcatax.

 

I have a way of handling this refund in QuickBooks Self-Employed. Before you start, I recommend consulting with an accountant or tax adviser to ensure you're posting to the correct account.

 

I'd recommend recording and tagging the state and federal tax refunds as Personal. Go as follows:

 

  1. Go to the Transactions menu.
  2. Click Add transaction.
  3. Enter the transaction in the box and the amount.
  4. Select Personal for refund and the appropriate category.
  5. Click Save.

 

Let me add these resources to learn more about handling your taxes in QBSE:

 

 

Fill me in if you have other questions you'd like to add. I'm always here to help. Keep safe. 

Terms & ConditionsAccessibility statement