How to post NZ government COVID-19 resurgence payments and wage subsidies
Can anyone help me with how to post NZ government COVID-19 resurgence payments and wage subsidies in Reckon ONE?
So far, I treated them as Bill Credits against the Tax account, as if they were credits against an overpaid tax payment. I also ensured they have zero GST, so that shouldn't affect that GST balance, but am concerned that it will still be treated as income when it comes to company income tax.
My gut tells me there's a better way to treat these payments, and although I've already reconciled the accounts up to August, I can reverse that to make any adjustments.
Can anyone share their insights or point me to a useful reference? Thanks.
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