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!
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
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
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