(First post, and let me say thanks to Quickfile and all the kind folk of he forum!)
I repaid my 4th SEISS grant. Originally I accounted for this as ‘misc Income’ as suggested on the forum.
Can someone please suggest a neat and tidy way of tagging the repayment, or other way of reconciling this?
I thought that I would simplify my predicament to get a quick answer, but I now realise another error.
This is due to the fact that I’m actually paying back both my 3rd and 4th grant. Both payments have been made recently, but only one grant appears in my bank feed since I’ve started using Quickfile.
I’ve only started using it this week, but am backdating all my entries to the start on the financial year (06-04-21).
So it’s very easy to do what you have suggested for my 4th grant, but how is best to account for the 3rd? Just delete it from the feed, or leave it untagged?
(I’ve made the adjustments to my old manual spreadsheet and to the tax return - so I’m covered as far as HMRC are concerned I think)
I think i might be missing something. If I’ve already removed the 3rd payment from my 20-21 accounts would that not be removing the same account again from the 21-22 accounting period? Wouldn’t this make my Misc Income category a negative number (when i think it needs to be zero -assuming that there were no other credits or debits during the year) and mess up my tax return?
Sorry for my loose grip on the correct terminology…
I’ve only just started using Quickfile. All my accounts up until this financial year were just worked out using a simple Excel spreadsheet. So in last year’s accounts, where the 3rd payment appears, i’ve just amended my income to show that the grant was repayed. I’ve not submitted that years self assessment yet.
So in the current financial year, i have 2 repayments showing in my bank feed, but one payment is for a period before i started using Quickfile and one appears as Misc Income in this year’s Quickfile accounting.
Sorry for not making it clear.