cash flow boost (CFB) applied to activity statement

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Hi, I have just processed our BAS as Sole Trader in Hosted. The ATO have applied a cash Flow Boost (CFB) to our activity statement. How do i process this in Hosted please? It is in relation to COVID19, but it is not anything to do with the Jobkeeper $1500 package.
Hoping you can help
Thanks 
Laurie
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43midget .

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Posted 2 months ago

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43midget .

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Sorry, i have just noticed this question  by Leshelle, i will follow that string. it didn't come up originally in my search.
Thanks Laurie
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Peter French

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Was the CFB related to PAYG in your return?
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Carla Stranieri

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The Original Cash Flow Boost received is an adhoc amount worked out by the ATO, so not all businesses get the same amount, neither does it reflect on any particular amount from our BAS figures.  I am also looking to how to best process this payment in Reckon Hosted.  thank you.
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Andrea Taylor

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Hi Carla

The Cash Flow Boost is $10 000.  The amount you receive in  your account is the difference between the $10 000 and what your BAS says you owe.   ie.  Your BAS totals $6300 made up of GST owing plus PAYG Withholding plus PAYG Income tax installment.  You would receive $3700 in your bank account.  This is all shown on your ATO Business Portal Integrated Client Account.

I am also trying to find the best way to process this in Reckon Hosted.  I believe we need to make up a Cash Boost Clearing account.  I have chosen Record Deposit for the amount of $10 000 to this account.  I then processed my BAS as normal to reduce my liabilities.  I then transferred the remainder from the Cash Boost Clearing account to my actual bank account.  This should be the same amount the ATO deposited into your account.

(Edited)
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Anne Bradley

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Hi Andrea - I agree with this approach as it clears the GST and PAYG Withholding liabilities as usual, reconciles the cash at bank and does not impact the P & L.
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Andrea Taylor

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Thanks Anne.  Nice to have confirmation I was thinking straight :)
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Anne Bradley

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Likewise - I did exactly that when the ATO processed the CFB to our integrated account then refunded the balance. I was beginning to think I had oversimplified when I read other responses!