Hi, if we do get the cash flow boost from the new stimulus package (in terms of ATO credits based on PAYGW) - how do we record this?

Hi mark141,

There is no step-by-step process for this yet as the stimulus package has only just been announced. For now, you can register your interest here and if you check back closer to when payments start to be processed we hope to have more information. I would also suggest speaking with the ATO or an accountant for steps on how to record this. You can find a QuickBooks certified ProAdvisor by searching here. 

-Kass

Thank you Kass, I'll check with my accountant for advice on how to record it. 

Just a note that the ATO link provided was for the Job Keeper registration, as opposed to the cash flow boost.

Thanks, 

Mark

I am interested to find out about this also.
I believe many, if not most small business may get this Cash Flow Boost via their PAYGW.
Can Quickbooks advise us how to record this Boost? (ie: we won't have to pay the BAS payment, and instead will receive a Refund from the ATO)

Thank you joining us here in the Community, @Newtothis02.

Allow me to chime in for a moment and provide information about your concern in QuickBooks Online. Right now, we currently don't have a direct way to enter the cash flow boost directly in the system.

For now, I encourage you to follow the recommendations shared by @Kass_B - Product Champion. An accountant will be able to give you expert advice on how to record them without having a negative impact on your books.

Additionally, I recommend the following resource, which has video tutorials to help a user learn how to create journal entries: Create a journal entry in QuickBooks Online.

Let me know in the comment section below if you have any other questions. Have a great day ahead.

---

---

---

@AlcaeusFthank you for your reply.

Quickbooks Online Support has always been very helpful. Perhaps Quickbooks Online can formulate a way for us to directly input the Cash Flow Boost?
as this will be extremely useful to most of your Users, as most small-medium business will have access to this Stimulus Package Cash Flow Boost in the next 6 months.

Perhaps Quickbooks Online can write a Post in these Forums to show us how to Record the Cash Flow Boost ?
Thank you kindly.

---

Thank you for getting back to us here on the Community page, @Newtothis02.

I understand the importance of being able to enter the cash flow boost directly to QuickBooks Online. I'll take note of this information and pass along the suggestion to our product engineers. This way, they'll be able to know our customer's needs and work on this feature in the coming updates.

As mentioned by my colleagues AlcaeusF above, you need to reach out to a professional accountant to help you account and record the cash flow accordingly. If you wish to, you can look for an accounting expert through our Proadvisor page.

As always, feel free to read our help articles in case you need tips and related links while working with QuickBooks in the future.

I'm always here to help if there's anything you need assistance with. Just add a comment below. Have a good day!

My Business has just received the Boost credit, so we really need advice on how to record this in QuickBooks (ideally before end of Month). Referring users to their accountant is not very helpful.  My accountant for one, tries to encourage me to ditch Quickbooks every time I come up with a question like this (he hates Quickbooks).

Excellent quick response. Thank you.

Great, thank you to QuickBooks for the steps and making them available for us.

The article does not address the steps where the BAS for the quarter has been paid. In this scenario there is no option to add an additional payment.

Hi dangir, 

This article regarding the Cash Flow Boost takes you through the steps to create the journal to record the payment/refund.

You can adjust the instructions to just record the additional amount or you can undo the previous payment and re-record to include the Boost. 

If you are still unsure on the correct way to record the journal, it may be best to contact your Accountant or one of our QuickBooks ProAdvisors, as they can give you account specific advice. 

Thanks, 

Rebecca 

I'm in the same boat.... I can't figure out how to place a credit into my bank account for matching ....

After I created the journal I was able to match the payment from banking to the journal. I didn't use the clearing account from the article on the journal and just substituted the bank account in it's place.

Ahh.. easy now you tell me. Thanks!!

This method results in the payment being included in Profit & Loss on Dashboard.

The Cash Boost is supposed to be Tax-Free, so does that mean that our Accountant will have to sort that out in Tax Returns (and we just have to manually adjust P&L in our heads for now) ?

Hi MikeV-INF, 

Thanks for reaching out. Yes, in this case it would be best to speak with your Accountant on how the information is recorded and the next steps. 

Thanks, 

Rebecca 

HELP! I have followed the step by step instructions to record the Cash Boost but am stuck when it comes to recording the payment in the GST menu. I have created the new accounts but there is no option for the Cash Boost Clearing showing in the drop down menu??

Hi btconcreting, 

I'd be happy to help. Can you please double check the Account Type and Detail Type for your Cash Boost Clearing Account are set to Cash and cash Equivalents. 

Only Cash and Credit Card Accounts will appear as an option when recording a GST payment.

If you have this set up correctly and still cannot see your Cash Boost Clearing Account please call us on 1800 046 038 and our of our experts will take a look into this for you. 

-Rebecca