Entering COVID 19 Cash Flow Boost

Kerry Baker_10689744
Kerry Baker_10689744 Member Posts: 10
edited July 2020 in Reckon Accounts (Desktop)
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.


Comments

  • Kris_Williams
    Kris_Williams Member Posts: 3,272 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited June 2020
    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.
  • Kerry Baker_10689744
    Kerry Baker_10689744 Member Posts: 10
    edited July 2020
    Kris,

    Thank you so much. I entered everything the way you explained and it all worked perfectly. 

  • Kris_Williams
    Kris_Williams Member Posts: 3,272 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited June 2020
    You’re very welcome
  • andy55
    andy55 Member Posts: 2

    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

  • Bruce
    Bruce Member Posts: 439 Professional Partner Professional Partner

    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

  • Kris_Williams
    Kris_Williams Member Posts: 3,272 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert

    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

  • andy55
    andy55 Member Posts: 2

    Excellent ! Thanks bruce , Thanks Kris