how to record jobkeeper payment from the ATO

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  • Question
  • Updated 2 months ago
  • (Edited)
we have received the Jobkeeper payment from the ATO today and was wondering how to enter it in Reckon? e.g. what account to you post it to?  
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Danni Gianni

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Posted 2 months ago

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Bruce

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- create a new Other Income type account called "JobKeeper income" or similar
- make your bank deposit into this account
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Noel Stanley

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I cannot see how a seperate account in reckon will help ?? the funds I paid out and the extra $3000 for the entity are sitting in our Business account and I cannoit see how I can process this into reckon certainly not by setting up yet another Bank Account ? 
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Bruce

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There is no suggestion (or need) that you set up a new bank account.   All cash in and out goes through the regular Bank Account (which you have called Business Account).
The new account I refer to is NOT a bank account, it is an income account that sits on your profit and loss statement and forms the other side of the deposit and is used to recognise the income received as part of the JobKeeper program.
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Noel Stanley

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Bruce I mean another income account can I not just use OTHER which already exists ?
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Linda Putland, Accredited Partner

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Hi Noel - wouldnt you prefer to have the the JobKeeper income separate so you can then view the performance of your business separate from the govt assistance?

I am making a heading Other Income account for clients - which I am calling Covid Stimulus payments.. then two sub accounts - one for Cashflow Boost (which is not taxable) and one for JobKeeper payments (which is taxable).
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Bruce

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Nothing to stop you from using an existing Other Income account.    However I am choosing to you use a separate (new) so that I can very easily isolate the JobKeeper income - purely a matter of convenience.   

PS  I will keep a separate other income account for CashFlow Boost (this is does not attract income tax) whereas JobKeeper (this does attract income tax).
(Edited)
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Narelle Perfect

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Hi, I am hoping this is just a silly question. But I can't seem to get the Jobkeeper Topup payment to show on my P&L, I have gone through the all the processes here and seem to have the accounts set up correctly.
Thanks

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Kris Williams

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If you mean the payment you make to employees it should show up in whatever account you linked it to when you set it up. Should be either wages Gross or Allowances
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Kris Williams

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I’m happy for you to call me if you’re stuck
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Narelle Perfect

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I called it Jobkeeper Payment, and linked it to the wages.  Thanks I will keep playing, follow up again tomorrow.
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Kris Williams

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So the wages figure in your profit and loss will have the gross and Jobkeeper figures combined
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Narelle Perfect

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well it should but it definitely doesn't 
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Narelle Perfect

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Oh I will put it down to a moment, it works I was trying to split between the stores, however when I do the total P&L it works.  Thank you.