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userlaviniaasquith
Level 1

How do you register income received from Covid Grants for closure of the business

 
1 Comment 1
Angelyn_T
QuickBooks Team

How do you register income received from Covid Grants for closure of the business

Hi there, @userlaviniaasquith.

 

Thank you for reaching out to us here on the Community page. I can guide you on how to record the income you've received from Covid Grants.

 

At this time, you can add this through the Transactions page. From there, select the correct category to post it accordingly.

 

Here's how:

 

  1. Open your QuickBooks Self-Employed (QBSE) account, then click on Transactions at the left pane.
  2. Select Add transaction.
  3. Input the desired details, then choose a category under Category and Tags.
  4. Hit Save.

If you need additional help with what category to pick, I would recommend seeking assistance with a professional accountant. This way, they'll be able to review the specific classification that matches your account's need.

 

To learn more about the different Schedule C categories, you can open this article: Schedule C and expense categories in QuickBooks Self-Employed.

 

I also recommend opening this link for additional resources about categorizing transactions in QBSE: Categorize transactions in QuickBooks Self-Employed.

 

Please keep in touch with me if you need more help with recording your transactions. I'm always here to help. Have a good day!

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