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susan-hey
May 25, 2020
Solved

How do I Record a corporation tax refund?

  • May 25, 2020
  • 1 reply
  • 0 views
Original commenter did not share additional details
Best answer by Ashleigh1

Hello Sue1966, 

 

Thank you for coming back to us, 

 

As Quickbooks Online does not support corporation tax, regarding the refund of corporation tax we'd recommend speaking to an accountant on how best to record it and what VAT code to use.

1 reply

Angelyn_T
Angelyn_T
May 25, 2020

Thank you for reaching out to us here on the Community page, @susan-hey.

 

If the company is taxed as a corporation, you can record the refund as a deposit and would use the taxed paid or expense account as the source account on the deposit. If the company is a partnership or sole proprietor for income tax, the refund is your personal money. If you want to put it into the business, use the owner/partner equity investment as the source account for the deposit.

 

To record a deposit, go to the New (+) icon, then select Bank Deposit under Other.

 

Also, I would suggest speaking with a professional accountant for other ways and advice on how to record the transaction.

 

Let me know if you have any other questions. I'm a few clicks away to help. Have a good day!

    S
    Sue1966
    August 25, 2020

    I also have a refund and wondering what you would put in the VAT column?

    A
    Ashleigh1Answer
    August 25, 2020

    Hello Sue1966, 

     

    Thank you for coming back to us, 

     

    As Quickbooks Online does not support corporation tax, regarding the refund of corporation tax we'd recommend speaking to an accountant on how best to record it and what VAT code to use.

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