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The ATO refunded the difference between the $10K Cash Boost payment and the BAS amount payable by me for quarter 2 2019/20. They refunded directly to my business bank account.
I assigned the deposit to my ATO Clearing Account so the balance there always matches the balance owing to the ATO in the business portal. However, now that is showing as Sales Income for the period when it is clearly not.
The ATO Clearing Account is not a Sales account. Any clues on how to properly account for this ATO refund so that it doesn't show up in Sales?
Hi infoarts,
The way to record the Cash Boost stimulus is unique in that you will have to create a new Chart of Account specifically for the Cash Boost Clearing, instead of using the ATO Clearing account.
This guide will help with recording the Cash Boost stimulus correctly - by setting up the cash boost clearing and stimulus accounts and creating the cash boost journal entry, the refund transaction in your bank account can be assigned to Other Income instead of Sales income so it doesn't affect sales.
Bonny
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