How do I allocate the receipt of the governments cash payment of $10,000

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Geoff Bryant
Geoff Bryant Member Posts: 54 ✭
edited April 2020 in Reckon One
I have received a one off cash boost from the Government and I was wanting to know the best way to receipt this into Reckon One accounts

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  • Linda Benfield
    Linda Benfield Member Posts: 75 ✭
    edited April 2020
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    Hi Geoff, 

    These instructions are only for if you have received the whole $10K in one lump sum to your bank account (and not just a credit to your BAS Account)

    Create a new "Other Income" account called "Cash Booster Payment Received" with no GST code.

    Ensure the Contact Australian Taxation Office is ticked to be both a customer and a Supplier

    From the bank feed Allocate a receipt to the Australian Taxation Office and use account  "Cash Booster Payment Received" .

    Kind regards
    Linda
  • Geoff Bryant
    Geoff Bryant Member Posts: 54 ✭
    edited April 2020
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    Thanks Linda, I received just under the $10k in the bank as part of it was allocated to my BAS account as a credit for Employee Tax withheld.
    Will that effect how it is allocated and also, is this classed as "taxable income" ? 
  • Geoff Bryant
    Geoff Bryant Member Posts: 54 ✭
    edited April 2020
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    I presume you mean an account in "chart of accounts" within the "Income" category? 
  • Linda Benfield
    Linda Benfield Member Posts: 75 ✭
    edited April 2020
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    image
  • Linda Benfield
    Linda Benfield Member Posts: 75 ✭
    edited April 2020
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    This is how your original BAS journal should look.

    Coming next is Cash Booster Journal
  • Linda Benfield
    Linda Benfield Member Posts: 75 ✭
    edited April 2020
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    This is the Cash Booster Journal dated the day the money was transferred into your Bank Account from the ATO.
  • Linda Benfield
    Linda Benfield Member Posts: 75 ✭
    edited April 2020
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    Yes, Chart of accounts But "Other Income" category

    image
  • Geoff Bryant
    Geoff Bryant Member Posts: 54 ✭
    edited April 2020
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    I have created the new account, the money hasn't shown up on Bank Data as yet. I am totally confused with the journals. In my list of journals, the only journal type that appear are Pay run
  • Linda Benfield
    Linda Benfield Member Posts: 75 ✭
    edited April 2020
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    Hi Geoff, 

    OK. I understand now that you are not entering BAS journals each Quarter.

    Does this make sense. Use the Receive Payment from the bank feed and your Accounant can sort the rest...

  • Geoff Bryant
    Geoff Bryant Member Posts: 54 ✭
    edited April 2020
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    Thank you very much for your help, accounting is not my forte, I am in the Garden Maintenance business. I will be looking for a tax accountant this year, hopefully one that is familiar with Reckon One. ?
  • Linda Benfield
    Linda Benfield Member Posts: 75 ✭
    edited April 2020
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    https://partnersearch.reckon.com/

    You will find one here.

    Happy to help you today.

    Linda

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