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info1009
May 11, 2020
Question

Hello, as a small business owner, I was lucky enough to receive a grant. How do I file this in quickbooks? Is it a non vat sales transaction? Thanks in advance...

  • May 11, 2020
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ChristieAnn 11
May 11, 2020
Hi there, info1009.
 
You can file or enter the grant you received as a bank deposit. Before doing that, I suggest creating a new account to track this grant in the Chart of Accounts. And, I recommend consulting an accountant to help you choose the right account type.
 
Here's how to create an account: 
 
  1. Click Accounting on the left menu. 
  2. Go to the Chart of Accounts section. 
  3. Hit the New button at the upper right corner. 
  4. From the Account Type drop-down arrow, choose an account type.
  5. In the Detail Type drop down list, select the detail type that best fits the types of transactions you want to track. Learn more about detail types.
  6. Give your new account a name. You can use the info under the detail type to add a name that fits. Then, add the description.
  7. Fill in the other necessary fields.
  8. Hit Save and close.

 

For additional information, you can check this article: Add an account to your chart of accounts in QuickBooks Online.
 
Once done, you can now create a bank deposit to record the grant. Please refer to this article to see the steps: Record and make Bank Deposits in QuickBooks Online.
 
When it comes to your other concern which is determining if the grant is a non-vat sales transaction, I would still recommend consulting your accountant. They can help you verify if this grant is qualified for the Vat.
 
Please check these articles to see how QuickBooks Online helps you automate your tax tracking and to view a table that contains a list of common VAT codes:
 
 
Please know that you're always welcome to post if you have any other concerns. Wishing you and your business continued success.
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