I know a way to record the employee retention check, Amberwaves95.
If you received a refund check for the Employee Retention Credit (ERC), record it by creating a bank deposit. I'll show you how.
- Click the Banking menu, then select Make deposit.
- In the Deposit To dropdown, choose your bank account.
- Ensure it has the correct date.
- Under the From Account column, look for the COVID expenses you used when set up the ERC.
- Enter all of the required information, including the check amount.
- Once done, hit Save & Close.
To learn more about how the ERC is calculated, read the following articles:
Furthermore, you can review this resource for more details when filing quarterly tax forms in QuickBooks Desktop: Pay and file payroll taxes and forms manually in QuickBooks Desktop Payroll.
If you have further questions about retention credit, please leave them in the comments section below. I'm always willing to assist. Have a wonderful day!
