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dancer51
Dec 28, 2022 2:31 PM UTC
Solved

HOw do I record an ERC credit?

Original commenter did not share additional details
JonpriLAnswer
Dec 28, 2022 5:50 PM UTC

Hi there, @dancer51.

 

You can create a deposit to record your ERC Credit. First off, we'll have to create a new account to hold and house this credit. I'll show you how.

 

  1. Go to Accounting.
  2. Select Chart of Accounts.
  3. Click New.
  4. Under Account Type, select Other Income Account.
  5. On the Detail Type menu, select the account type accordingly.
  6. Enter the name of your new bank account. Say Employee Retention Tax Credit.
  7. Click Save and Close.

 

From here, you can go ahead and create a new deposit transaction using the account created above. Kindly read and use this article to learn more: Record and make bank deposits in QuickBooks Online.

 

I've got you covered if you have any other questions, please let me know by leaving them in the comments below. Take care!

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14 replies

JonpriLAnswer
Dec 28, 2022 5:50 PM UTC

Hi there, @dancer51.

 

You can create a deposit to record your ERC Credit. First off, we'll have to create a new account to hold and house this credit. I'll show you how.

 

  1. Go to Accounting.
  2. Select Chart of Accounts.
  3. Click New.
  4. Under Account Type, select Other Income Account.
  5. On the Detail Type menu, select the account type accordingly.
  6. Enter the name of your new bank account. Say Employee Retention Tax Credit.
  7. Click Save and Close.

 

From here, you can go ahead and create a new deposit transaction using the account created above. Kindly read and use this article to learn more: Record and make bank deposits in QuickBooks Online.

 

I've got you covered if you have any other questions, please let me know by leaving them in the comments below. Take care!

dancer51Author
Jan 1, 2023 11:14 PM UTC

Thanks!  Worked like a charm!

Kurt_M
Jan 1, 2023 11:52 PM UTC

Thanks for getting back here in the thread, @dancer51.

 

I'm glad that the recommendation provided by my colleague was able to help you with the situation you're facing. It's great to see satisfied customers that were able to resolve their issue in a short period of time.

 

In case you have any additional QuickBooks-related concerns or need help performing specific tasks in QuickBooks. Feel free to post here again. I'll be here, ready to help you. 

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