Connect with and learn from others in the QuickBooks Community.
How would I set this up in QuickBooks online? My accountant told me the money "is considered taxable income to the IRS but will be excluded from taxable income at the state level".
Thanks in advance for your help!
I can help you with that, scratchgolfer172
You can record the grant as a deposit in QuickBooks Online. At the same time, you can create the profile of the department where the funds came from to track the funds you receive. I'll show you how.
I'm also adding this article to help manage your sales and customer transactions in QBO:
Don't hesitate to let me know if you need further assistance in dealing with your other tasks. Assistance is just a post away.
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.