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July 24, 2020
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How do I record a Job Retention Scheme payment from HMRC when we are not using Quickbooks payroll?

  • July 24, 2020
  • 1 reply
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Original commenter did not share additional details
Best answer by AlcaeusF

Thanks for getting back to us, @melaniegrenyer99.

 

We can start by setting up an income or equity account to track the furlough scheme payment. Then, use this when entering a deposit. Before doing so, I'd suggest consulting your accountant in choosing the appropriate account and detail types for this.

 

Here's how:

 

  1. In QuickBooks Online (QBO), go to the Accounting menu to get to the Chart of Accounts.
  2. Click New at the top right, then pick the appropriate Account Type
  3. Choose the correct Detail Type
  4. Enter the account name, such as Furlough Scheme Payment from HMRC
  5. Hit Save and Close.

 

Once done, make a bank deposit to post the payment. Here's how:

 

  1. Go to the + New button at the top left to get to the Bank deposit
  2. Pick the bank in the Account drop-down and enter the Date
  3. Select HMRC or the customer in the Received From column. 
  4. Choose the income or equity account in the Account column. 
  5. Set the Payment Method and enter the Amount
  6. Click No VAT in the Amounts are drop-down. 
  7. Hit Save and close

 

For more information, consider checking out this article: COVID-19: Coronavirus Job Retention Scheme.

 

Please let me know if you have any other issues or concerns in the comment section. I'll be here to assist. Take care and have an amazing rest of the day!

1 reply

July 24, 2020

Hello Melaniegrenyer99, 

 

Welcome to the Community page, 

 

Is this a loan from them or do you have to pay this back? 

July 25, 2020

Thanks for getting back to me.

 

No, it is not a loan, it is 80% of salary for the director, when he was furloughed, just for one month.

Thanks

AlcaeusF
AlcaeusFAnswer
July 25, 2020

Thanks for getting back to us, @melaniegrenyer99.

 

We can start by setting up an income or equity account to track the furlough scheme payment. Then, use this when entering a deposit. Before doing so, I'd suggest consulting your accountant in choosing the appropriate account and detail types for this.

 

Here's how:

 

  1. In QuickBooks Online (QBO), go to the Accounting menu to get to the Chart of Accounts.
  2. Click New at the top right, then pick the appropriate Account Type
  3. Choose the correct Detail Type
  4. Enter the account name, such as Furlough Scheme Payment from HMRC
  5. Hit Save and Close.

 

Once done, make a bank deposit to post the payment. Here's how:

 

  1. Go to the + New button at the top left to get to the Bank deposit
  2. Pick the bank in the Account drop-down and enter the Date
  3. Select HMRC or the customer in the Received From column. 
  4. Choose the income or equity account in the Account column. 
  5. Set the Payment Method and enter the Amount
  6. Click No VAT in the Amounts are drop-down. 
  7. Hit Save and close

 

For more information, consider checking out this article: COVID-19: Coronavirus Job Retention Scheme.

 

Please let me know if you have any other issues or concerns in the comment section. I'll be here to assist. Take care and have an amazing rest of the day!