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September 17, 2021
Question

How do I categorise HMRC tax refund in quick books self employed?

  • September 17, 2021
  • 1 reply
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1 reply

MaryLandT
September 17, 2021

I'm here to help you categorise the tax refund in QuickBooks Self-Employed (QBSE), 06941993d-gmail.

 

You can tag the transaction as Personal since refunds aren't included on Schedule C. Let me show you how to do it in QBSE.

 

  1. Go to the Transactions menu.
  2. Click Add transaction.
  3. Enter the transaction in the box and the amount.
  4. In the Select a category link, choose Personal.
  5. Click Save.
     

Also, if you record the payment in QuickBooks, you can exclude it to remove it. Then, add a note that it has been refunded.

 

Here's how to exclude it:

 

  1. Go to the Transactions tab and locate the Federal payment.
  2. Click to expand the transaction then mark the Exclude option at the bottom.
  3. Hit Save.


I'm adding this article to help manage your income and expenses: 

 

Stay in touch with me if there's anything else I can help you with today. Please click the Reply button below and share if you have more concerns about categorising a tax refund.