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Everything you need to know about connecting your bank and credit cards in QuickBooks Online
mark158
Level 1

Hi how should I record the furlough money received by the government?

 
1 REPLY 1
AlcaeusF
Moderator

Hi how should I record the furlough money received by the government?

Welcome to the Community, @mark158.

 

I can share some information about how you can record the furlough amount in QuickBooks Online.

 

You can create an equity account and use it to enter a bank deposit for the funds. Here are the steps:

 

  1. Click the Gear icon in the upper-right corner.
  2. Select Chart of Accounts.
  3. Choose New.
  4. Add Equity as the account type.
  5. Enter the detail type.
  6. Add Furlough as the account name.
  7. Hit Save and close

Once done, you can follow these steps:

 

  1. Click the + New option in the upper-left of the screen.
  2. Select Bank deposit.
  3. Enter the bank account where the funds are deposited.
  4. Add the corresponding date when the amount was credited in the date field.
  5. Below Add funds to this deposit, add the equity account. 
  6. Optional: add HMRC from the Received From column.
  7. Enter the amount received.
  8. Hit Save and close

Other users also use an income account instead of equity to record the funds. I suggest seeking expert advise from an accountant or tax professional to ensure your books will be accurate.

 

In the meantime, you can check the following article for some links about the payroll tasks in QuickBooks Online:

 

If you have additional questions or concerns while working in QBO, leave a comment below. I’ll be happy to help you out.

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