How do I process JobKeeper subsidy receipt as ATO funds showing in bank account

Alison Moses
Alison Moses Member Posts: 8 Novice Member Novice Member
edited June 2020 in Reckon Accounts (Desktop)
How do I process JobKeeper subsidy receipt using Reckon Accounts Premier as ATO funds showing in our bank account? Thanks

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  • Linda ABC
    Linda ABC Accredited Partner Posts: 1,133 Accredited Partner Accredited Partner
    edited June 2020
    I am making a heading Other Income account for clients - which I am calling Covid Stimulus payments.. then two sub accounts - one for Cashflow Boost (which is not taxable) and one for JobKeeper payments (which is taxable).

    Record the funds received from the ATO using Make Deposits to these accounts...
  • Alison Moses
    Alison Moses Member Posts: 8 Novice Member Novice Member
    edited May 2020
    Ok thanks Linda, I had set up an Other Income account but wasn't sure whether to just process it as "Deposit" or if there was another way I should be doing it.  Many thanks :-) 

  • Tania Gibson_10117688
    Tania Gibson_10117688 Member Posts: 2 Novice Member Novice Member
    edited June 2020
    My understanding was that only Jobkeeper top up is taxable

  • Linda ABC
    Linda ABC Accredited Partner Posts: 1,133 Accredited Partner Accredited Partner
    edited June 2020
    Tania - ALL funds received through JobKeeper are taxable to the business...  only the Cashflow Boost is not taxable...

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