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vitalii-vitko
Level 1

What is the best way to include 20% Small business technology investment boost in quickbooks?

 
3 Comments 3
IntuitSheila
Level 8

What is the best way to include 20% Small business technology investment boost in quickbooks?

Hi vitalii-vitko,

 

Is this investment boost a  cash boost payment or grant received from the government? If so, you can refer to the link below for a comprehensive information on how to record them in QuickBooks Online. 

 

You'll want to create a cash boost clearing and stimulus accounts and creating the cash boost journal entry, the refund transaction in your bank account can be assigned to Other Income instead of Sales income so it doesn't affect sales. Here's the link on: How to set up and record Cash Boost stimulus payments.

 

I recommend also checking in with your accountant for any accounting advice on what's best to record the 20% investment boost.

 

Drop by again in the Community if you have further concerns. I'll get back and help you.

vitalii-vitko
Level 1

What is the best way to include 20% Small business technology investment boost in quickbooks?

Hi, thanks for your answer. But I was referring to : 

Small business technology investment boost:

https://www.ato.gov.au/businesses-and-organisations/income-deductions-and-concessions/income-and-ded...

 

What's the best way to handle it?

IntuitSheila
Level 8

What is the best way to include 20% Small business technology investment boost in quickbooks?

Thanks for getting back to us, vitalii-vitko!

 

In QuickBooks Online we can record investments using an equity account or by creating a journal entry and bank deposit. You can refer to this link for a more detailed information on how to create an equity account and record capital investments: Record an owner's contribution or capital investment in your business.

 

Also, I would recommend contacting your accountant for tax advice or look for a ProAdvisor for accounting advice on what's best to record the investment boost to properly record them in QBO. Use this link to Find an accountant: https://quickbooks.intuit.com/au/find-a-proadvisor/.

 

Post again in the Community if you have further questions.