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Best answer July 25, 2020
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Thanks for getting back to us, @melaniegrenyer99.
We can start by setting up an income or equity account to track the furlough scheme payment. Then, use this when entering a deposit. Before doing so, I'd suggest consulting your accountant in choosing the appropriate account and detail types for this.
Here's how:
- In QuickBooks Online (QBO), go to the Accounting menu to get to the Chart of Accounts.
- Click New at the top right, then pick the appropriate Account Type.
- Choose the correct Detail Type.
- Enter the account name, such as Furlough Scheme Payment from HMRC.
- Hit Save and Close.
Once done, make a bank deposit to post the payment. Here's how:
- Go to the + New button at the top left to get to the Bank deposit.
- Pick the bank in the Account drop-down and enter the Date.
- Select HMRC or the customer in the Received From column.
- Choose the income or equity account in the Account column.
- Set the Payment Method and enter the Amount.
- Click No VAT in the Amounts are drop-down.
- Hit Save and close.
For more information, consider checking out this article: COVID-19: Coronavirus Job Retention Scheme.
Please let me know if you have any other issues or concerns in the comment section. I'll be here to assist. Take care and have an amazing rest of the day!
Thanks for getting back to us, @melaniegrenyer99.
We can start by setting up an income or equity account to track the furlough scheme payment. Then, use this when entering a deposit. Before doing so, I'd suggest consulting your accountant in choosing the appropriate account and detail types for this.
Here's how:
- In QuickBooks Online (QBO), go to the Accounting menu to get to the Chart of Accounts.
- Click New at the top right, then pick the appropriate Account Type.
- Choose the correct Detail Type.
- Enter the account name, such as Furlough Scheme Payment from HMRC.
- Hit Save and Close.
Once done, make a bank deposit to post the payment. Here's how:
- Go to the + New button at the top left to get to the Bank deposit.
- Pick the bank in the Account drop-down and enter the Date.
- Select HMRC or the customer in the Received From column.
- Choose the income or equity account in the Account column.
- Set the Payment Method and enter the Amount.
- Click No VAT in the Amounts are drop-down.
- Hit Save and close.
For more information, consider checking out this article: COVID-19: Coronavirus Job Retention Scheme.
Please let me know if you have any other issues or concerns in the comment section. I'll be here to assist. Take care and have an amazing rest of the day!
I have steps to help resolve the Job Retention Scheme payment in QuickBooks, @AlfonsoCalabia.
I'll ensure that the HMRC Job Retention Scheme transaction is labeled as a deposit when reconciling the bank.
Ensure that you don't use same account when recording the Deposit. This way, the transactions will not offset. Refer to the screenshots below for your reference:
For more details about bank deposits, visit this link: Record and make bank deposits in QuickBooks Online.
Furthermore, check out these articles below on how to fix reconciliation error and manage Job Retention Scheme in QuickBooks:
- Fix issues for accounts you've reconciled in the past in QuickBooks Online.
- Changes to the Coronavirus Job Retention Scheme from July.
Feel free to ask me if you have further questions about bank deposit and reconciliation in QuickBooks. I'm glad to help you. Keep safe.
