How do I allocate the receipt of the governments cash payment of $10,000
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Geoff Bryant
Member Posts: 54 ✭
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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Comments
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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
Linda2 -
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" ?1 -
I presume you mean an account in "chart of accounts" within the "Income" category?0
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This is how your original BAS journal should look.
Coming next is Cash Booster Journal1 -
This is the Cash Booster Journal dated the day the money was transferred into your Bank Account from the ATO.1 -
Yes, Chart of accounts But "Other Income" category
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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 run1
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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...
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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. ?1
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