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Flex1
Level 2

Have received the Covid 19 grant for self employed and job retention for employees how do i record these what catorgory etc from bank feed

 
3 REPLIES 3
Becky29
QuickBooks Team

Have received the Covid 19 grant for self employed and job retention for employees how do i record these what catorgory etc from bank feed

Hello Flex1 👋. To record the grant you would, Create a deposit and allocate it to an income or equity account in the Account column of the 'add funds to this deposit' section. Thanks 

Caro1
Level 1

Have received the Covid 19 grant for self employed and job retention for employees how do i record these what catorgory etc from bank feed

I have just started using quickbooks and want to know what category to put my covid-19 grant into. I dont really understand your previous reply.  Would you be able to explain further please?

John C
QuickBooks Team

Have received the Covid 19 grant for self employed and job retention for employees how do i record these what catorgory etc from bank feed

Hi Caro1

 

If you are using the the self employed product you will have to categorise the the grant as business income as it is subject to Income Tax and self employed National Insurance, see the 'How the grant works' section of the enclose link.

 

https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-su...

 

Our previous post was referring to a method if you are self employed but using one of the small business products.

 

We must make you aware that we ar not accountants and that any comments that we make should be qualified by an accountant.