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Best answer December 22, 2019
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I can guide you on how to handle tax rebate in the bank feed, ezrasweet.
You can record the tax rebate as a deposit and post it to your income tax expense account since it is a refund of your overpayment.
Here's how:
- Click the New (+) icon.
- Choose Bank Deposit.
- Select the appropriate bank account from the Account drop-down.
- In the Add funds to this deposit section, choose the customer from the Received From drop-down.
- In the Account drop-down, select your income tax expense account.
- Enter the amount, then hit Save and close.
You can also reach out to your accountant on what posting account you'll need to use when recording the deposit.
I've got you an article for more details: Record and Make Bank Deposits in QuickBooks Online.
Once done, match the entered deposit in the downloaded bank transactions. You can check out this article for the steps and details: Download, match, and categorise your bank transactions in QuickBooks Online.
I'm just a reply away if you need anything else with managing downloaded bank transactions. I'm always here to help.
I can guide you on how to handle tax rebate in the bank feed, ezrasweet.
You can record the tax rebate as a deposit and post it to your income tax expense account since it is a refund of your overpayment.
Here's how:
- Click the New (+) icon.
- Choose Bank Deposit.
- Select the appropriate bank account from the Account drop-down.
- In the Add funds to this deposit section, choose the customer from the Received From drop-down.
- In the Account drop-down, select your income tax expense account.
- Enter the amount, then hit Save and close.
You can also reach out to your accountant on what posting account you'll need to use when recording the deposit.
I've got you an article for more details: Record and Make Bank Deposits in QuickBooks Online.
Once done, match the entered deposit in the downloaded bank transactions. You can check out this article for the steps and details: Download, match, and categorise your bank transactions in QuickBooks Online.
I'm just a reply away if you need anything else with managing downloaded bank transactions. I'm always here to help.
