How do i record Furlough payments in my accounts

Hi there, @Abacus7.

Let me share with you the steps to record the Furlough payments in QuickBooks Online (QBO).

First off, you'll need to create an equity account:

1. Go to the Accounting menu and choose Chart of Accounts.
2. Click New.
3. From the Account type, select Equity.
4. In the Account Detail, choose Prepaid-In Capital or Surplus and Name the account Furlough.
5. Hit Save and Close.

Once done, create Bank Deposit:

1. Click the New button.
2. Choose Bank Deposit.
3. Ensure the bank account that you received the amount in to is selected in the Account field and the corresponding date when the amount was credited in the Date field.
4. In the Account column within the 'add funds to this deposit' select the equity account you set up above.
5. Enter the amount received in the Amount column.
6. Hit Save and Close.

For additional information, you can refer to this article link: COVID-19: Coronavirus Job Retention Scheme. 

Thus, I still suggest seeking help from your accountant. He/she could escort you on which option to take based on your recording practice and business needs.

Once that you have the required data, you can reclaim the wage costs for your furloughed employees on the Government Gateway Coronavirus Job Retention Portal.

Don't hesitate to leave a reply below if you have further questions. I'll appreciate the opportunity to help you. Have a good one.