It's nice to see you here in the Community, @countylineelectricme. I'll help you record your IRS refund.
We can create a deposit to record the refund if the company is taxed as a corporation, and we can use the expense account for the taxes paid. But, if it's a sole proprietor or partnership, it's your income.
If you choose to put it into the business, then the source account for the deposit would be owner/partner equity investment.
However, I'd still recommend reaching out to your accountant. That way, they can guide you with the appropriate accounts to use.
Here's how to create a deposit:
- Click the + New button.
- Select Bank deposit.
- From the Account field, select the account.
- Select to whom you received the amount.
- Choose the taxes paid expense account or the Owner's Investment account in the Account column.
- Enter the Payment Method and the Amount.
- Then Save and close.
If you want to view your past forms and payments in your payroll service, you can check out this article: Access payroll tax forms and tax payments.
Please post a reply if you need more in managing your refunds or payroll taxes. I'll be here. Stay safe!
