Received a State EDC Grant, how to record it

GolfNut72 · ‎July 06, 2020

My client received a grant from their State Economic Development Corporation (EDC) with no strings.

Based on the information we have received it does not need to be tracked and it does not need to be paid back. What is the best way to record this income?

Thanks

EJ

MaryAnn_E · ‎July 06, 2020

Hello there, @GolfNut72.

I suggest creating a Journal Entry or a Bank Deposit to record the grant that your client received from heir State Economic Development Corporation. You can always consult your accountant as well if you're not sure this is the best option for you.

Here's how to create a journal entry:

Go to the (+) New button.
Select Journal Entry.
Fill out the Debit and Credits section using the difference.

You can check out this article to learn more about how to create a journal entry: Create a Journal Entry.

Here are the steps below to make a daily deposit:

Select the Create icon ⨁ and then select Bank Deposit.
In the Account drop-down list▼, choose which bank you'll deposit the money.
Enter the information needed and hit Save and Close.

For more information and details about QuickBooks Online Bank Deposit, you can check out this article provided: Record and make Bank Deposit in QuickBooks Online.

If you have any further questions, feel free to reach back out to the Community. Take care!

View solution in original post

MaryAnn_E · ‎July 06, 2020

Hello there, @GolfNut72.

I suggest creating a Journal Entry or a Bank Deposit to record the grant that your client received from heir State Economic Development Corporation. You can always consult your accountant as well if you're not sure this is the best option for you.

Here's how to create a journal entry:

Go to the (+) New button.
Select Journal Entry.
Fill out the Debit and Credits section using the difference.

You can check out this article to learn more about how to create a journal entry: Create a Journal Entry.

Here are the steps below to make a daily deposit:

Select the Create icon ⨁ and then select Bank Deposit.
In the Account drop-down list▼, choose which bank you'll deposit the money.
Enter the information needed and hit Save and Close.

For more information and details about QuickBooks Online Bank Deposit, you can check out this article provided: Record and make Bank Deposit in QuickBooks Online.

If you have any further questions, feel free to reach back out to the Community. Take care!

Nnelsondaniel1 · ‎August 12, 2020

120

@MaryAnn_E wrote:
Hello there, @GolfNut72.

I suggest creating a Journal Entry or a Bank Deposit to record the grant that your client received from heir State Economic Development Corporation. You can always consult your accountant as well if you're not sure this is the best option for you.

Here's how to create a journal entry:
Go to the (+) New button.
Select Journal Entry.
Fill out the Debit and Credits section using the difference.

You can check out this article to learn more about how to create a journal entry: Create a Journal Entry.

Here are the steps below to make a daily deposit:
Select the Create icon ⨁ and then select Bank Deposit.
In the Account drop-down list▼, choose which bank you'll deposit the money.
Enter the information needed and hit Save and Close.

For more information and details about QuickBooks Online Bank Deposit, you can check out this article provided: Record and make Bank Deposit in QuickBooks
@MaryAnn_E wrote:
Hello there, @GolfNut72.

I suggest creating a Journal Entry or a Bank Deposit to record the grant that your client received from heir State Economic Development Corporation. You can always consult your accountant as well if you're not sure this is the best option for you.

Here's how to create a journal entry:
Go to the (+) New button.
Select Journal Entry.
Fill out the Debit and Credits section using the difference.

You can check out this article to learn more about how to create a journal entry: Create a Journal Entry.

Here are the steps below to make a daily deposit:
Select the Create icon ⨁ and then select Bank Deposit.
In the Account drop-down list▼, choose which bank you'll deposit the money.
Enter the information needed and hit Save and Close.

For more information and details about QuickBooks Online Bank Deposit, you can check out this article provided: Record and make Bank Deposit in QuickBooks Online.

If you have any further questions, feel free to reach back out to the Community. Take care!

Online.

If you have any further questions, feel free to reach back out to the Community. Take care!

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Received a State EDC Grant, how to record it