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M
Mel247
December 28, 2021
Question

UK - Self-Employment Income Support Scheme - Grants

  • December 28, 2021
  • 1 reply
  • 0 views

UK based question.

 

I am using Quick Books Self Employed Version to prepare my accounts for a Furnished Holiday Let.

 

How do I record the government grants that I received from the Self Employment Income Suport Scheme, as I understand it these are taxable income.

 

There is an explanation of how to do it if you are using Quick Books Online version but could not find any 'how to do it's' when using QBSE.

 

Any ideas on how and what heading to do it under?

 

Thank you - Mel

 

1 reply

S
ShiellaGraceA
December 28, 2021

Hello, @Mel247.

 

I have some information about recording government grants. In QuickBooks Self-Employed (QBSE), you can only record the grant manually and then categorise it accordingly. To know which category to use, please consult your accountant.

 

Here's how to categorise a transaction:

 

  1. Go to the Transactions menu.
  2. Find a transaction on the list.
  3. Select Business if the transaction was for business.
  4. Review the category in the Category column. QuickBooks tries to categorise transactions for you.
  5. If you need to change the category, tap the category link.
  6. When you're done, click Save.

Want more details? Check out these guides: 

 

In case you need help with managing QBSE-related tasks, refer to this link: View all help for QBSE.

 

I'll be around if you have follow-up questions or concerns. Please don't hesitate to reply. Take care and stay safe.

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