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Level 1

How do I record an IRS refund (F-1120 Refund) check as a deposit in Quick Books online?

I understand IRS refund checks are supposed to be recorded as a deposit. But unclear to me how to get it entered in QBO.
1 Comment
QuickBooks Team

How do I record an IRS refund (F-1120 Refund) check as a deposit in Quick Books online?

Welcome to Community, @hri1973.

 

I have some information about how to record your F-1120 refund. Recording it will depend on how you want to account the payment. As mentioned by Rustler, if you choose to put it into the business, then the source account for the deposit would be owner/partner equity investment. But if not, you can enter it as a personal expense. See the link below:

 

https://quickbooks.intuit.com/learn-support/en-us/taxes/how-to-record-income-tax-returns-refund-in-q...

 

To record a deposit:

 

  1. Go to +New,  then select Bank Deposit.
  2. From the Account drop-down, choose the equity or personal expense account.
  3. Mark the tranasction you want to deposit.
  4. Click Save and close.

You learn more about bank deposits at this guide: Record and make bank deposits in QuickBooks Online.

 

If you need help with other QBO tasks, click this link to go to our general topics with article.

 

Feel welcome to message me if you still have questions or concerns. I'll be happy to answer them for you. Take care hand have a wonderful weekend ahead.

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