Please could someone help me with the correct journal entries for DR and CR the following situation:
Last tax year (21-22) my company made a loss, which I set against profits made in Tax year 20-21. I’ve now received a tax refund from HMRC. Can anyone explain to me how I enter this into QuickFile. My bank account has the cash refund in it so I guess that will be one part of the journal entry (1200 - Bank Account DR) but what is the CR entry?
Many thanks if you help.