How do i enter the Stimulus Payments into quickbooks when i dont have an invoice to recieve it against?

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  • Updated 2 months ago
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Christine

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Posted 2 months ago

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Kris Williams

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Just enter a deposit to an Income account called Government Subsidy
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Christine

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I've tried to enter a deposit but it just takes me to the deposit page where there is nothing to deposit as it hasn't been received... I have to receive the money against something first...
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Kris Williams

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If you go to banking make deposit, enter the amount and the income account. You don’t have to receive payment first. I you can call me if you wish, it is Reckon Hosted you are using isn’t it?
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Christine

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Thankyou!! So simple! 
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Linda Putland, Accredited Partner

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Christine - have a look at this thread and consider best entering options for your business?
https://community.reckon.com/reckon/topics/jobkeeper-deposits-received-from-ato-entering-in-your-rec...
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Christine

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Thanks Linda, I've looked at this thread but it only talks about the Jobkeeper not Stimulus payment. 
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Kris Williams

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Jobkeeper and Stimulus are handled the same, only difference is Jobkeeper is an Income account as it is taxable income and Stimulus is an other income account as it is tax free, although your accountant would know the difference if they were both just income accounts
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Linda Putland, Accredited Partner

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Christine, If you are referring to the Federal Govt's Cash Flow Boost payments when you talk about stimulus payments - then Kris is correct... and if you are referring to another state payment that is called a Stimulus Payment (in SA they are calling it an emergency grant)... then you would just create a third Other Income account for that.. sorry, I thought I had covered them all in my thread? (JK, Cashflow Boost, and state grants)...