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pezza72
August 11, 2020
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Recording a return of the HMRC Job Retention Scheme Grant

  • August 11, 2020
  • 1 reply
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Hi All,

 

A bit of a strange one here.  I have been able to create the initial part/account for this thanks to this post (https://quickbooks.intuit.com/learn-support/en-uk/employees-and-payroll/re-how-to-i-record-the-payment-received-from-hmrc-for-furlough/01/603489#M5419)

 

Just to set the scene a little...

 

We receive "Direct Payments" from the local council for our disabled child.  The purpose of this is that we use this money to hire a carer.  So whilst we have to set up a business of sort, this isn't really a business and the idea is that what comes in from the council is spent on the carers wages.

 

Now back to my question.  Initially in April, I applied for the Job Retention Scheme for which we was entitled to receive.  Later on, when we saw that the council was still sending through the Direct Payments we contacted the council and advised that we had put in a claim for JRS.  They confirmed that we were still entitled to receive the full Direct Payments.  Long story short, I was able to continue paying our carer 100% as usual whilst she was not working due to COVID.

 

This means that I need to cancel my JRS application, which I attempted to do but they had already processed it and I received this.  At the time, they had no provision in place for refunding and their advisors were completely stumped as to why I wanted to send this back!  However, eventually I got someone who got what I was saying and said they would be in touch.  

 

They never did until I contacted them again to ask when they want their money back, and today they gave me a reference to send the money to.

 

I know a lot of this is irrelevant, but just wanted to explain.

 

My question is, how would I record this refund/return of the grant.  I am thinking that in the chart of accounts, the new account I created should end up as ZERO to show that in the end I didn't receive anything as what I received had been paid back.  But if I create a Refund Receipt, I can't seem to select the Account, only the bank account the money was paid from.

 

How do I record this refund?

 

Thanks

 

Andrew

Best answer by Ashleigh1

Hello Pezza72, 

 

Welcome to the Community page, 

 

You could record this as a cheque and this would show the money going out. 

 

If you select the same account that you chose for the money going into it will show the account as 0 then. 

 

If you have any further Qs, please reach back out to us, we will be more then happy to help. 

1 reply

A
Ashleigh1Answer
August 11, 2020

Hello Pezza72, 

 

Welcome to the Community page, 

 

You could record this as a cheque and this would show the money going out. 

 

If you select the same account that you chose for the money going into it will show the account as 0 then. 

 

If you have any further Qs, please reach back out to us, we will be more then happy to help. 

    P
    pezza72Author
    August 11, 2020

    Thanks @Ashleigh1 

     

    Clearly a case of me overthinking!

     

    Initially I had recorded it as a Bank Transfer.  I often get confused with these as to me, sending money from my bank account online is a bank transfer rather than a cheque.  But deleting that and creating the cheque did allow me to select the account, so all sorted now.

     

    I guess though that a Bank Transfer could also be meant as a transfer from one bank account to another, which I assume this is what this is for?

     

    Thank you

     

    Andrew

    Jen_D
    Jen_D
    August 11, 2020

    I'm glad this issue is all sorted out with the help of my colleague, @pezza72,

     

    You are correct about bank transfers. We use this entry to move funds between accounts in QuickBooks.

     

    To learn more about the different transfer options available in our program, check out the following links:

     

    Feel free to check in here in our forum if you have additional questions or clarifications. I'll be right here to help you anytime. Have a lovely week!

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