QB Issue Resolution:
I will assume this tax refund related to income tax from last year – and that last years accounts are already closed.
If a tax refund was expected, then likely there was a ‘tax receivable’ item already setup somewhere. It could be in Accounts receivable, or it could be a negative Account payable, or it may be in its own GL account. If you can find it, then code the refund to that same account.
If the refund was unexpected, most businesses do not reopen and restate the prior years tax expense – instead the refund just gets counted as part of this years income tax expense, as a credit.
Resolution for Issue 'What account should federal income tax refund go under when depositing?' available: Yes (Solved).
Source: Intuit Community forum.
What account should federal income tax refund go under when depositing?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.Support for QBO
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