How to Enter a Subsidy Check for QuickBooks
Businesses can receive government subsidy assistance for a number of reasons. Some of the most common include subsidies that encourage hiring minority or disabled workers, or those designed to help prevent consumer price increases. Because the purpose of a subsidy is to lower expenses associated with a specific account, you must link the check to its related expense account in QuickBooks.
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Instructions
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Select the "Banking" tab on the QuickBooks main menu, then select "Make Deposits." Open the "Make Deposits" window by selecting the bank account you wish to use from the list in the "Deposit To" menu.
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Enter deposit information. Select the government agency remitting the check in the "Received From" drop-down box, then link the check to the appropriate expense account by selecting the account from the drop-down box in the "From Account" section. Enter the check amount, select "Check" as the payment type and add a memo if you want to record additional information about the check, such as a control number or description of the subsidy.
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Click "Save & Close" to commit the deposit to your bank account register.
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Tips & Warnings
If this is the first you are entering a subsidy check and you need to establish an account for the remitting government agency, click "Add New" in the "Received From" drop-down box within the bank account register.
Be sure to link the subsidy check to the correct expense account. For example, if the subsidy relates to renting office space in a target location, link the subsidy to Rent Expense. If it relates to hiring disabled workers, link the subsidy to Wage Expense.
Make a copy of the check to file with any additional paper work relating to the subsidy.
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Resources
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