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I have received an Income Tax Refund from HMRC paid into my bank account. How do I enter this into my QBO ?

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I have received an Income Tax Refund from HMRC paid into my bank account. How do I enter this into my QBO ?

Hello Electronics81, thanks for posting on the Community

You can record the refund by creating a bank deposit following the steps below:

1. Select + New > Bank deposit

2. Select the date (that the payment was received) and enter the bank account under account

3. Scroll to Add funds to this deposit and set the VAT amounts drop-down to No VAT

4. (Optional: select HMRC under received from), select the appropriate payroll taxes account under Account

5. Enter the amount and save and close.

6. Match the transaction in your QB bank.

Note: if you're unsure which account to select, you can review your recent payroll journal or contact your accountant for advice.

If you don't already have an accountant, you can find a QuickBooks Certified ProAdvisor near you on our online directory.

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I have received an Income Tax Refund from HMRC paid into my bank account. How do I enter this into my QBO ?

Hello Electronics81, thanks for posting on the Community

You can record the refund by creating a bank deposit following the steps below:

1. Select + New > Bank deposit

2. Select the date (that the payment was received) and enter the bank account under account

3. Scroll to Add funds to this deposit and set the VAT amounts drop-down to No VAT

4. (Optional: select HMRC under received from), select the appropriate payroll taxes account under Account

5. Enter the amount and save and close.

6. Match the transaction in your QB bank.

Note: if you're unsure which account to select, you can review your recent payroll journal or contact your accountant for advice.

If you don't already have an accountant, you can find a QuickBooks Certified ProAdvisor near you on our online directory.

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