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

Christine_10642636
Christine_10642636 Member Posts: 4
edited August 2020 in Accounts Hosted

Comments

  • Kris_Williams
    Kris_Williams Member Posts: 3,272 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited August 2020
    Just enter a deposit to an Income account called Government Subsidy
  • Linda ABC
    Linda ABC Accredited Partner Posts: 1,131 Accredited Partner Accredited Partner
    edited August 2020
    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...
  • Christine_10642636
    Christine_10642636 Member Posts: 4
    edited May 2020
    Thanks Linda, I've looked at this thread but it only talks about the Jobkeeper not Stimulus payment. 

  • Christine_10642636
    Christine_10642636 Member Posts: 4
    edited May 2020
    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...

  • Kris_Williams
    Kris_Williams Member Posts: 3,272 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited May 2020
    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?
  • Kris_Williams
    Kris_Williams Member Posts: 3,272 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited May 2020
    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
  • Christine_10642636
    Christine_10642636 Member Posts: 4
    edited May 2020
    Thankyou!! So simple! 


  • Linda ABC
    Linda ABC Accredited Partner Posts: 1,131 Accredited Partner Accredited Partner
    edited May 2020
    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)...