Tax Refund on Chart of Accounts

Tax Refund on Chart of Accounts

Tax Refund on Chart of Accounts

How would you classify a tax refund check on your chart of accounts?

Comments for Tax Refund on Chart of Accounts

Average Rating starstarstarstarstar

Click here to add your own comments

Jun 05, 2018
Rating
starstarstarstarstar 		Tax Refund on COA
by: Stephanie

Thank you for your question about how to classify a tax refund check on your chart of accounts.

As a sole proprietor, you should classify your tax refund as an Owner's Contribution which would show on your balance sheet.

An example would be:

DEBIT Checking Account (Asset)
CREDIT Owner's Contribution (Equity)

Click here to add your own comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Chart of Accounts Questions.


Please subscribe to my monthly newsletter, Bookkeeping Basics E-zine. It tells you every month about the new information that I have added, including some great tips and advice from myself and other Bookkeeping Basics readers.

Enter Your E-mail Address
Enter Your First Name (optional)
Then

Don't worry — your e-mail address is totally secure.
I promise to use it only to send you Bookkeeping Basics E-Zine.

Like Bookkeeping-Basics.net?