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T
tera4
May 6, 2021
Question

I applied for the B.C. Increased Employment Incentive, a one-time refundable tax credit. How should I record the tax credit, now that the money has hit my bank feed?

  • May 6, 2021
  • 1 reply
  • 0 views
I'm thinking this so far: Bank Deposit - Received from Minister of Finance - Deposited to my bank Question: What account does this get assigned to? Nothing seems right to me. The tax credit was related to payroll but all my payroll accounts are liability accounts. None of my income accounts seem right either and I don't like the vague "Uncategorized Income" account. Any suggestions would be great. Thanks!

1 reply

T
Tammy_H
May 7, 2021

Hi tera4,

 

The last year has been a roller coaster. It's great to hear that you've received some relief. QuickBooks Online allows you to customize your accounts to fit your business. Let me provide you with guidance to get the support you're looking for.

 

You can create an income account if you feel the ones in your chart of accounts are not right. Review this article if you're unsure to see all the steps: Add an account to your chart of accounts in QuickBooks Online.

 

If you're not sure about the entry, I suggest contacting an accountant. They're experts in the accounting field and can advise you on the process. If you don't have an accountant, you can find one familiar with QuickBooks Online through this link: Find an Accountant.

 

I wish you the best. If you have any other questions, reach back out. I'm here to help. 

T
tera4Author
May 7, 2021

Thanks Tammy. I'll keep trying to reach my accountant so I create the correct income account. 

T
Tammy_H
May 7, 2021

That's a great idea. Your accountant is acquainted with your account setup, and you can be sure that you're getting the right guidance. 

 

Don't forget I'm here in the QuickBooks Community if you require any other assistance. Have a fabulous day!

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