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Newtothis02
Level 2

COVID-19 Cash Boost for Employers

How do you record the Stimulus Package Cash Boost in QBO?

My Q3 BAS Payment due is $3000. (ie: in QBO “The ATO Clearing Account” Liability now shows $3000). The Cash Boost will be $10000 from the ATO. The ATO will automatically offset the $3000 from the $10000, hence I will not have to pay the $3000 BAS Payment. And then the ATO will refund the residual $7000 Cash Boost into my Bank account.

But how to tell QBO's GST Centre that the $3000 is already "paid" on our behalf by this Cash Boost, without the $3000 amount actually exiting our linked Bank account? ( and so hence “The ATO Clearing Account” should go back to $0 )

How do we record with -$3000 (with any monies exiting our Bank Account) and so to bring the “ATO Clearing Account” back to $0?

And also once we receive the $7000 Residual Cash Boost, how do we record this in QBO?

Thanks in advance

 

7 Comments 7
Kass_B - Product Champion
Content Creator

COVID-19 Cash Boost for Employers

Hi Newtothis02,

 

Thanks for reaching out. If you want to bring the ATO Clearing account back to zero and mark the BAS as 'paid', you can still do so in the GST centre without matching to an amount in your bank feed:

 

  1. Go to the GST tab and select 'Record Payment' next to the relevant BAS period.
  2. Enter the amount of the BAS.
  3. Under 'From account', rather than selecting your bank account, you can use an 'adjustment' or 'petty cash account' (as an example) to record the payment from. If you do not have one set up, you can create one from this screen.
  4. Then select Save.

 

This marks the BAS as paid in the GST centre and brings the ATO Clearing account to zero. Regarding the Cash Boost, we do not have a walk-through on recording this in QuickBooks Online. This request has been submitted for consideration, however we would also encourage you to speak with your accountant for best practice on how they would prefer to record this.

 

-Kass

Newtothis02
Level 2

COVID-19 Cash Boost for Employers

thank you for your Reply.

You stated the request has been submitted for consideration.

Is Intuit considering publishing an walk-through Article on how to Recording the Cash Boost in QBO ?

thank you

Kass_B - Product Champion
Content Creator

COVID-19 Cash Boost for Employers

Hi Newtothis02,

 

The suggestion has certainly been passed on, but we are unable to advise at this time whether or not an article will be created to record this stimulus package. How to enter a government package or grant can be dependent on the tax practitioner/accountant and while we are unable to provide advice on accounting, we strongly suggest you contact your accountant as they will be able to provide advice on how best to record this. 

 

-Kass

Newtothis02
Level 2

COVID-19 Cash Boost for Employers

In this article:
https://quickbooks.intuit.com/learn-support/en-au/help-articles/how-to-set-up-and-record-cash-boost-...

Under the..." I'll be Receiving a Cash Boost Stimulus option.."
It reads:
"8. In the second line enter a Debit of $5,000 from your bank account you will be making the payment from."

Shouldn't it be " your bank account that you will be RECEIVING a payment"??

as we will be receiving a Cash Boost, and making a payment?

Intuit Zac
Content Creator

COVID-19 Cash Boost for Employers

Hi NewToThis02, 

 

Thank you for reaching out on this. 

 

You can understand it as in Step 8, we would be like to make sure the refund is recorded in the same account you would normally use when paying your BAS. 

 

Please let us know if you require further clarification on this. Thank you. 

surchling
Level 3

COVID-19 Cash Boost for Employers

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Rebecca_A Product Champion
QuickBooks Team

COVID-19 Cash Boost for Employers

Hi surchling, 

 

Thanks for reaching out. The steps to record the Cash Flow Boost will be the same but you will need to have manually entered the journal recording the BAS payment first. 


This article gives an overview of how the system records the BAS journal when you use the GST centre.


If you are not confident with recording this via a journal, I would recommend contacting your Accountant or one of our ProAdvisors.

 

-Rebecca