Early Childhood Education and Care Worker Retention Payment

AndrewN
AndrewN Member Posts: 26 Reckoner Reckoner
in Reckon Payroll

Does anyone have any ideas on how to record the receipt and expensing of this grant?

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  • Rav
    Rav Administrator, Reckon Staff Posts: 14,038 Reckon Community Manager Community Manager

    Hi @AndrewN

    What are the specific requirements of this grant?

    I've had a brief look at some of the details online and it seems as though its a % of an eligible employee's earnings, is that correct? Does it also encompass other earnings such as overtime? Is it subject to super guarantee?

  • AndrewN
    AndrewN Member Posts: 26 Reckoner Reckoner

    Quite complicated actually … backdates to 2 December 2024 (for us). Payment is +10% on Award rate (not necessarily what we pay staff) + super (I am using 11.5% for backdated to July and 12% after that). Reconciliation needs to be provided to the government on what we have been paid (as a grant) against what we have paid out including an extra sum for part of preDec24 accrued leave. Quite an accounting mess. I am working through stuff, some will need to be journal entries. Payments are received in arrears. Need I go on? If you are using it you will know what I mean if not then I would bother trying to work it out. Thanks for the interest though.

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