Debit "bank" or if the funds are showing on your Integrated Tax account a new "other current asset"
If you receive JobKeeper use a separate "other income account" - JobKeeper is taxable and Boosting Cash Flow is not
Hi Debbie If you are referring to RAH and the $10k credit you received against the BAS, then this is my work around.
Create Other Liability Account and call it ATO BAS Credit. Then make a Journal entry. Debit ATO BAS Credit 10000.00 and second line Opening Balance Equity Credit 10000.00
Then process your BAS payment as normal, picking up in Process Payroll Liabilities and tick the PAYG amount. Create and come over to the Make Cheques screen and click on the Expenses tab.
Enter Tax Payable 1A amount, second line Tax Payable minus amount 1B and third line ATO BAS Credit minus.
When you look at the Current Liability Account you will see the $10K and the amount of this BAS deducted leaving a balance. Hope this is what you wanted.
Hi All At the time of writing a response I was not aware that the ATO were depositing the difference. I thought that the difference between the BAS and the $10000 was going to stay as a credit. So I would delete the Journal altogether and for the deposit code it to ATO BAS Credit. As far as using Opening Balance Equity account, there is no black and white. In another example, if you were starting a new file for a client and bringing in balances, the other side of the entry is Opening Balance Equity. That is the account Reckon puts the amount if when setting up say a bank account in the Chart of Accounts.
I would normally agree with John in that all income should be recorded via a Tax Invoice or Sales Receipt in order to ensure the correct tax code can be used, however as the Cashflow Boost is not Assessable Income & no tax code is required, I post it via Make Deposits directly back to the relevant PAYGW liability account as this is what it actually is ... a credit against PAYGW!
Just a note however that doing this may require future adjustments of your Payroll Liability Items as this will not be being reflected there.
Shaz Hughes Dip(Fin) ACQ NSW, MICB
Reckon Accredited Professional Partner Bookkeeper / Registered BAS Agent (No: 92314 015)
Accounted 4 Bookkeeping Services
0422 886 003
This will be reflected correctly in the respective Tax practice software.
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