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scratchgolfer172
Level 2

How do I add to quickbooks online - grant money received from NYS Urban Development?

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!

2 Comments 2
KlentB
Moderator

How do I add to quickbooks online - grant money received from NYS Urban Development?

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.

 

  1. Click the + New button.
  2. Select Bank Deposit.
  3. Choose the account you want to put the money into.
  4. Go to the Add funds to this deposit section.
  5. Enter "NYS Urban Development" in the Received From column then click Add.
  6. Select the appropriate income account. You may consult your accountant in choosing the correct category.
  7. Enter the description, payment method, reference number, and amount.
  8. When you're done, click Save and close.

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.

scratchgolfer172
Level 2

How do I add to quickbooks online - grant money received from NYS Urban Development?

Thanks

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