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Intuit

How to set up and record Cash Boost stimulus payments

Need help recording your Cash Boost stimulus payments? The process has four steps: 

 

  1. Set up a clearing account to record the BAS payment
  2. Set up an Other Income account to record to CashBoost payment you will receive
  3. Enter a journal to ensure the transactions are recorded correctly
  4. Matching the transaction when it comes through your bank feed.  

 

For more information on the Cash Boost payments visit the ATO website.

How to set up a clearing account

Note: A clearing account can be used when money will be received but hasn’t yet been paid.  

  1. Select Accounting and then Chart of Accounts from the left hand menu 
  2. Select New 
  3. Select the Account Type Cash and cash equivalents and the Detail Type of Cash and cash equivalents 
  4. Enter the Name as Cash Boost Clearing  
  5. Select Save and Close  

 

How to set up an Income account for the CashBoost Stimulus 

Note: we recommend you reach out to your accountant or bookkeeper to ensure this account is set up for your business correctly.

  1. Select Accounting and then Chart of Accounts from the left hand menu 
  2. Select New 
  3. Select the Account Type Other Income and the Detail Type of Other miscellaneous income
  4. Enter the Name as ATO Cash Boost Stimulus 
  5. Select Save and Close  

 

The next step differs depending on whether you receive a refund, are still required to make a payment or if the no money will be received or is owing.  

 

For this example, we’ll use the following scenario:  

The GST Payable is $10,000 and the Cash Boost is $15,000 this means you will a refund of $5000 from the ATO  

  1. Select GST from the left hand menu 
  2. Select Record Payment from the Actions column of the relevant Lodged BAS 
  3. Select Cash Boost Clearing from the drop down menu.
  4. Enter in $10,000 into the Payment amount field
  5. Select Save  
  6. Select + New button from the left hand menu and choose Journal entry 
  7. In the first line enter a Debit of $10,000 to the Cash Boost Clearing account
  8. In the second line enter a Debit of $5,000 from your bank account you will be making the payment from. 
  9. In the third line enter a Credit of $15,000 to the  ATO Cash Boost Stimulus account 

 

For this example, we’ll use the following scenario:  

The GST Payable is $10,000 however the Cash Boost is $8,000 this means you are still required to pay $2000 to the ATO.  

  1. Select GST from the left hand menu 
  2. Select Record Payment from the Actions column of the relevant Lodged BAS 
  3. Select Cash Boost Clearing from the drop down menu.
  4. Enter in $10,000 into the Payment amount field
  5. Select Save  
  6. Select + New button from the left hand menu and choose Journal entry 
  7. In the first line enter a Debit of $10,000 to the Cash Boost Clearing account
  8. In the second line enter a Credit of $2,000 from your bank account you will be making the payment from. 
  9. In the third line enter a Credit of $8,000 to the  ATO Cash Boost Stimulus account 

 

 

Note: You’ll still need to make the adjusted payment to the ATO as normal 

 

 

For this example, we’ll use the following scenario:  

The GST Payable is $10,000 and the Cash Boost is $10,000 this means you won’t receive a refund or owe the ATO any money.  

  1. Select GST from the left hand menu 
  2. Select Record Payment from the Actions column of the relevant Lodged BAS 
  3. Select Cash Boost Clearing from the drop down menu.
  4. Enter in $10,000 into the Payment amount field
  5. Select Save  
  6. Select + New button from the left hand menu and choose Journal entry 
  7. In the first line enter a Debit of $10,000 to the Cash Boost Clearing account
  8. In the third line enter a Credit of $10,000 to the  ATO Cash Boost Stimulus account 

Matching the transaction when it comes through your bank feed

The final step will be to match the journal entry, for information to this see Learn how to match bank transactions

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