How do I enter monies received from the furlough scheme

Hi there, info251.

I can share some steps on how you can enter an amount received from the furlough scheme in QuickBooks Online.

You can record a bank deposit to enter the money you received from the furlough scheme. Before doing this, I suggest creating an equity account first so you can use it when recording a bank deposit. Please note that other users also use an income account instead of equity to record the funds. I recommend seeking expert advice from an accountant or tax professional to ensure your books will be accurate.

Here's how to create an equity account:

1. Click the Gear icon in the upper-right corner.
2. Select Chart of Accounts.
3. Choose New.
4. Add Equity as the account type.
5. Enter the detail type.
6. Add Furlough as the account name.
7. Hit Save and close.

Once done, you can now follow the steps below on how to enter a bank deposit.

1. Click the + New option in the upper-left of the screen.
2. Select Bank deposit.
3. Enter the bank account where the funds are deposited.
4. Add the corresponding date when the amount was credited in the date field.
5. Below Add funds to this deposit, add the equity account. 
6. Optional: add HMRC from the Received From column.
7. Enter the amount received.
8. Hit Save and close.

To track furlough employees in Standard Payroll and Paysuite, kindly refer to this article for the detailed steps: COVID-19: Coronavirus Job Retention Scheme. It also contains information about who is eligible, how much should you pay your employees, how do you make a claim, what do you need to record, and additional resources for the program.

In addition, you can also check out the HMRC guidelines in recording your employee wages on temporary leave (furlough): Check if you can claim for your employees' wages through the Coronavirus Job Retention Scheme.

Please let me know if you have other concerns. I'm just around to help.