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

How do I process JobKeeper subsidy receipt using Reckon Accounts Premier as ATO funds showing in our bank account? Thanks

Comments

Linda ABC

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

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

My understanding was that only Jobkeeper top up is taxable

Linda ABC

Tania - ALL funds received through JobKeeper are taxable to the business... only the Cashflow Boost is not taxable...