Hi,
I've been searching high and low for an answer to this question, but I just can't find any info.
How do you account for non-taxable state benefits (in this case disability benefits) that are paid into a current account that's used for business. Obviously ideally it would be paid into a separate account, but this is not the situation.
My first idea was to create a dedicated equity account in the Chart of Accounts, but I'm unsure of this approach. Alternatively I thought one could use some kind of variation on a Petty Cash account?
Any insight that can be offered would be extremely helpful. I think this might be a question for an accountant but I do not have one to hand!
Many thanks!
Solved! Go to Solution.
Hello Outpost33,
Welcome to the community.
This is a type of Question that you will need to clarify with an Accountant unfortunately we're not qualified Accountants/Bookkeepers to advise of this.
We welcome any comments on this community thread that have been in the same situation.^Becky
Hello Outpost33,
Welcome to the community.
This is a type of Question that you will need to clarify with an Accountant unfortunately we're not qualified Accountants/Bookkeepers to advise of this.
We welcome any comments on this community thread that have been in the same situation.^Becky
Hi Becky,
Thanks for your response, unfortunately I don't have an accountant I can call on for this - I am in effect the accountant in this situation!
I was hoping that someone in the community might be able to throw light on the question, I'm sure someone may have faced the same or a similar issue?
Hi Outpost33,
You're welcome, Any accountants that are able to offer help, we welcome them to add to this thread in the Community.
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