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July 31, 2021
Question

What is the correct way to enter my hmrc grants into QuickBooks?

  • July 31, 2021
  • 1 reply
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1 reply

DivinaMercy_N
July 31, 2021

Hi there, @sonialavy-gmail-.

 

You can first set up a liability account to record the grants. Let me guide you how:

 

  1. Navigate to the Accounting menu.
  2. Select Chart of Accounts.
  3. Click the New button.
  4. In the Account Type drop-down menu, choose Non-current liabilities.
  5. Select Notes Payable or other Detail Type.
  6. Type the name of the account. Example: HMRC Grant.
  7. Enter the needed details.
  8. Click Save and Close.

 

Once done, create a journal entry. This will help you track the money you've spent.

 

For your reference in managing loans, please see this article: How do I record the loan for an asset?

 

Stay in touch if there's anything else you need about entering HMRC grants. I'm always right here to help. Have a good one.