Tax
Research & Development (R&D) Tax Credit
Recording a government tax rebate for qualifying innovation and development costs.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Cash / Tax Refundable | Asset (+) | 5,000.00 | - |
| Income Tax Expense (or R&D Grant) | Expense (-) | - | 5,000.00 |
💡 Accountant's Note
R&D credits reduce your tax liability. When received, they can either reduce your tax expense or be recorded as 'Other Income' depending on the local jurisdiction.
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