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how to record jobkeeper payment from the ATO

Danni GianniDanni Gianni Member Posts: 4
edited July 17 in Accounts Hosted
we have received the Jobkeeper payment from the ATO today and was wondering how to enter it in Reckon? e.g. what account to you post it to?  

Comments

  • BruceBruce Member Posts: 237
    edited July 17
    - create a new Other Income type account called "JobKeeper income" or similar
    - make your bank deposit into this account
  • Noel StanleyNoel Stanley Member Posts: 2
    edited June 30
    I cannot see how a seperate account in reckon will help ?? the funds I paid out and the extra $3000 for the entity are sitting in our Business account and I cannoit see how I can process this into reckon certainly not by setting up yet another Bank Account ? 
  • BruceBruce Member Posts: 237
    edited May 7
    There is no suggestion (or need) that you set up a new bank account.   All cash in and out goes through the regular Bank Account (which you have called Business Account).
    The new account I refer to is NOT a bank account, it is an income account that sits on your profit and loss statement and forms the other side of the deposit and is used to recognise the income received as part of the JobKeeper program.
  • Noel StanleyNoel Stanley Member Posts: 2
    edited May 7
    Bruce I mean another income account can I not just use OTHER which already exists ?
  • Linda ABCLinda ABC Member Posts: 1,178 ✭✭
    edited July 14
    Hi Noel - wouldnt you prefer to have the the JobKeeper income separate so you can then view the performance of your business separate from the govt assistance?

    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).
  • BruceBruce Member Posts: 237
    edited May 7
    Nothing to stop you from using an existing Other Income account.    However I am choosing to you use a separate (new) so that I can very easily isolate the JobKeeper income - purely a matter of convenience.   

    PS  I will keep a separate other income account for CashFlow Boost (this is does not attract income tax) whereas JobKeeper (this does attract income tax).
  • Narelle PerfectNarelle Perfect Member Posts: 9
    edited May 18
    Hi, I am hoping this is just a silly question. But I can't seem to get the Jobkeeper Topup payment to show on my P&L, I have gone through the all the processes here and seem to have the accounts set up correctly.
    Thanks

  • Kris_WilliamsKris_Williams Member Posts: 1,062 ✭✭
    edited June 16
    If you mean the payment you make to employees it should show up in whatever account you linked it to when you set it up. Should be either wages Gross or Allowances
  • Narelle PerfectNarelle Perfect Member Posts: 9
    edited May 18
    Well yes thats what I thought, but I have double check all account set ups and I cant seem to get it on the report. Thanks
  • BruceBruce Member Posts: 237
    edited May 18
    What account did you link the JobKeeper payment to? If it wasn’t a “new account” it will not show up separately on your P& L
  • Kris_WilliamsKris_Williams Member Posts: 1,062 ✭✭
    edited May 18
    I’m happy for you to call me if you’re stuck
  • Narelle PerfectNarelle Perfect Member Posts: 9
    edited May 18
    I called it Jobkeeper Payment, and linked it to the wages.  Thanks I will keep playing, follow up again tomorrow.
  • Kris_WilliamsKris_Williams Member Posts: 1,062 ✭✭
    edited May 18
    So the wages figure in your profit and loss will have the gross and Jobkeeper figures combined
  • Narelle PerfectNarelle Perfect Member Posts: 9
    edited May 18
    well it should but it definitely doesn't 
  • Narelle PerfectNarelle Perfect Member Posts: 9
    edited May 18
    Oh I will put it down to a moment, it works I was trying to split between the stores, however when I do the total P&L it works.  Thank you.
  • John MeeganJohn Meegan Member Posts: 3
    edited July 17
    Watt tax lien mapping and tax code is used in setting up the income account for job keeper income?
  • Acctd4Acctd4 Accredited Partner Posts: 886 ✭✭
    edited July 18

    Hi John

     

    There’s no tax code which is why it can be entered directly via “Make Deposit” rather needing to be on a Sales Receipt.

     

    There’s no designated tax line for the mapping as:

      1. JobKeeper is very new     &
        2. The tax-line mapping may be US-based as it’s part of the original software hard-coding

           

          I would suggest either leaving the tax-line mapping blank or selecting an “Other Income”-type line

           

          Shaz Hughes Dip(Fin) ACQ NSW, MICB

          Reckon Accredited Professional Partner Bookkeeper / Registered BAS Agent (No: 92314 015)

          Accounted 4 Bookkeeping Services

          Ballajura, WA

          0422 886 003

          [email protected]

          www.accounted4bs.com


          Shaz Hughes Dip(Fin) ACQ NSW, MICB

          Reckon Accredited Professional Partner Bookkeeper / Registered BAS Agent (No: 92314 015)

          Accounted 4 Bookkeeping Services

          Ballajura, WA

          0422 886 003

          [email protected]

          https://www.accounted4bs.com/

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