Entering COVID 19 Cash Flow Boost
Kerry Baker_10689744
Member Posts: 10 Novice Member 
Hi,
I can't work out how to enter the Cash Flow Boost credit the ATO have paid us for our March quarterly BAS. I am aware there are many posts on here regarding this and I have looked through numerous ones on how to do this, but I still can't quite work it out for our circumstances.
We received $10000 into our integrated tax account. Our GST and PAYG liabilities came to less than the $10000 therefore we received a refund amount into our actual bank account also.
I am using Reckon Accounts Premier Desktop version. I don't do journal entries at all. I usually enter our GST liabilities via Manage Tax and PAYG via Pay Liabilities. As we don't have to pay them like we normally would, I am now not sure how to enter them so that they don't appear in our bank account, except for the refund.
I have already set up an Other Income account, non taxable for the CFB credit , as suggested in other members' posts.
I can't work out how to enter the Cash Flow Boost credit the ATO have paid us for our March quarterly BAS. I am aware there are many posts on here regarding this and I have looked through numerous ones on how to do this, but I still can't quite work it out for our circumstances.
We received $10000 into our integrated tax account. Our GST and PAYG liabilities came to less than the $10000 therefore we received a refund amount into our actual bank account also.
I am using Reckon Accounts Premier Desktop version. I don't do journal entries at all. I usually enter our GST liabilities via Manage Tax and PAYG via Pay Liabilities. As we don't have to pay them like we normally would, I am now not sure how to enter them so that they don't appear in our bank account, except for the refund.
I have already set up an Other Income account, non taxable for the CFB credit , as suggested in other members' posts.
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Comments
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Many different ways - however, you could make a new bank account called clearing account, and pay your BAS from this account. You could then make a deposit into this new bank account and put it to an Income account called cash flow boost. Then transfer the balance from the new account to the working bank account. This will put 10000 into the income account, the clearing bank account will be zero and the deposit for the refund will appear in the normal account.3
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Kris,
Thank you so much. I entered everything the way you explained and it all worked perfectly.
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You’re very welcome0
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Hi kris ,
Desperately need help!
I still owing BAS after covid 19 stimulus which apply to my activity statement.
Let say my CFB ( cashflow boost ) $5000 , my BAS total $ 6.393 , so total need to pay back to ATO $ 1.393.
How i record this ? I use reckon desktop premiere 2020 ,Thanks
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Process your activity statement as per normal but then add a new line in the expenses tab CFB (Cashflow boost) = -$5000 and recalculate. This should then see with a cheque for $1393
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As Bruce said if you have a balance to pay the best way is to enter your bill or cheque for the 6393, allocated to relevant lines, tax payable PAYG tax etc, but then on the next line enter a minus 5000 to the Cash flow boost account
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Excellent ! Thanks bruce , Thanks Kris
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