Filing Apprentice Finance Compensation

Look no further, @TSNB.

You can create an equity account. Here's how:

1. Go to the Gear icon and choose Chart of Accounts.
2. Select New.
3. Pick Equity for Account Type, Paid-in capital or surplus on Account Detail and give an account name. Example: Apprentice Finance Compensation.
4. Hit Save and close. 

Once done, create a Bank Deposit. 

1. Select the account you want to put the money into.
2. Enter the date when the amount was credited.
3. In the Add funds to this deposit section, select the equity account you've set up earlier.
4. If you wish, you can enter HMRC in the Received From column.
5. Input the amount received in the amount column and Save and close.  

You can also, class the Apprentice Finance Compensation amount as income. To do so, just select Income as the Account Type when creating a new account. Then, select Discounts/Refunds Given for the Detail Type. Please refer to the steps in creating an equity account above.  Once finished, create a Bank Deposit also and choose Income as the account under Add Funds to this deposit section. 

For your reference, please see this article: Check if you can claim for your employees' wages through the Coronavirus Job Retention Scheme.

With the suggested steps above, I still recommend consulting your accountant so they can share the best steps and advice on how you can file the Apprentice Finance Compensation in QuickBooks. If you don't have one, use our Find an accountant tool to look for a Pro-Advisor near your location. 

You might also want to visit our help page to browse articles that can guide you with your QBO tasks. To get started head to our QBO help articles at this link.

Please know that you can always post here if you have any concerns about filing Apprentice Finance Compensation in QuickBooks. I'm always here to help you in any way I can. Have a good one.