Refund from tax agency


M

MRKTechMike

I received a refund for overpayment of my unemployment taxes and do not know
how to enter and classify it properly. Can anyone help?
--
Michael Klama
MRK Technology Services, Inc.
1922 Manatee Ave E
Bradenton, FL 34208
Ph: (941)747-3473
Fax: (941)747-1762
 
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R

Richard

Hello Mike,

With the disclaimer: "This is how I have handled it, not necessarily the way
you should" :)

We have used a single journal entry to settle our refunds. Debiting the
bank account where we deposited the refund, and crediting the 'Expense'
account that was initially charged with the tax expense.

-R
 
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M

MRKTechMike

Thank you Richard. That worked perfectly
--
Michael Klama
MRK Technology Services, Inc.
1922 Manatee Ave E
Bradenton, FL 34208
Ph: (941)747-3473
Fax: (941)747-1762
 

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