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How to set up and record Cash Boost stimulus payments
by Intuit• Updated 2 years ago
Need help recording your Cash Boost stimulus payments? The process has four steps:
- Set up a clearing account to record the BAS payment
- Set up an Other Income account to record to CashBoost payment you will receive
- Enter a journal to ensure the transactions are recorded correctly
- 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.
- Go to Bookkeeping and select Chart of accounts (Take me there).
- Select New.
- Select the Account Type as Cash and cash equivalents and the Detail Type of Cash and cash equivalents.
- Enter the Name as Cash Boost Clearing.
- 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.
- Go to Bookkeeping and select Chart of accounts (Take me there).
- Select New.
- Select the Account Type as Other Income and the Detail Type of Other miscellaneous income.
- Enter the Name as ATO Cash Boost Stimulus.
- 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.
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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