How to handle Incometax return Amt

1

Hi,

We have received incometax return amount from government. Please help on how to handle this in Manager. Please note that, it is not a income.

Thanks,
Ramesh.

2

Depending on your BS >> Equity section set up you would do a Receive Money and post it to:

  1. for a sole trader - a capital contribution or retained earnings account
  2. for a corporation - only to the retained earnings account
3

Thank you Brucanna. Received money into retained earnings.