Refund for overpayment of Self assessment Tax

It’s nice to see you here in the Community @Sonia. I can help you track the refunds in QuickBooks Self-Employed.

I recommend setting them as personal expenses, as this is the best way to record them. Since refund transactions don’t fall under the Schedule C category, you must exclude them.

Here’s how to record personal expenses:

1. On the left navigation bar, click Transactions.
2. Tick "Add transaction."
3. Input the transaction in the box and the amount.
4. Select Personal from the Select a category drop-down menu.
5. Once done, click Save.

Follow these steps on how to exclude transactions:

1. For the menu, choose Transactions.
2. Look for the transaction, and click the arrow next to it to view details.
3.  Place a checkmark in the box Exclude this transaction (this is for duplicates, reimbursements, customer refunds, and returned purchases).
4. Click Save.

You can use this article to learn more about how to categorise transactions in QuickBooks Self-Employed.

Alternatively, I have this article that will serve as your guide in the future:

• makes self-assessment easier.
• The QuickBooks Self Assessment for Income Tax Checklist

 
Furthermore, learn how to pay your self-assessment tax by visiting our blog in QuickBooks Self-Employed.

Get back to us if you need any more clarification about deposits in QuickBooks. Have a happy day!