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Haydn
Level 1

NatWest/RBS Business Banking Switch

We eventually took NatWest up on the Business Banking Switch offer and moved to another bank. We have now received the bonus.

How/where do we record the bonus received?

Thanks.

Solved
Best answer February 10, 2021

Accepted Solutions
EmmaM
QuickBooks Team

NatWest/RBS Business Banking Switch

Hello Haydn, Yes that is right the best thing to do would be to do as a bank deposit and other income as that is where it best fits as it is a payment from the bank. We'd always recommend double-checking with an accountant as we can not give advice not being trained accountants but we can see that it  is best on the chart of accounts to select the closest one to what the transaction is which is what you are doing/

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3 REPLIES 3
EmmaM
QuickBooks Team

NatWest/RBS Business Banking Switch

Hello Haydn, Where do you want it to show? You can record it as a bank deposit using the +symbol you would have to attribute it to a chart of account, is It the case you do want to show as income?

Haydn
Level 1

NatWest/RBS Business Banking Switch

Hello. It was paid direct into our main business account. I assume it will need to be taxed as business income in some way so assume + symbol then bank deposit, then under Account either Bank interest (although it’s not), Grants, Other finance income or Sundry income? Does this sound about right or am I on the wrong track?

EmmaM
QuickBooks Team

NatWest/RBS Business Banking Switch

Hello Haydn, Yes that is right the best thing to do would be to do as a bank deposit and other income as that is where it best fits as it is a payment from the bank. We'd always recommend double-checking with an accountant as we can not give advice not being trained accountants but we can see that it  is best on the chart of accounts to select the closest one to what the transaction is which is what you are doing/

View solution in original post