I had already matched my payment in banking to the GST record payment. Can I undo my payment so it unmatches the GST. Now my GST will be unpaid. Then record that payment in banking as a transfer to ATO clearing. Then follow your QBO's "How to set up and record Csah Boost Stimulus payments"?
But if I do that, how do I match my next GST record payment to the amount already sitting in ATO clearing?
In this case, the Cash Boost wasn't used to record the BAS as paid as you had already made the payment. Given that you had already paid your BAS and matched your payment to the bank feed, you don't need to undo this. You can continue to follow the steps to create a Cash Boost account and record the payment to it:
Then you can use this income account when categorising the payment from your bank feed. I'm not too sure however what you are referring to when you say credits in the ATO account? If you have recorded the Cash Boost to your ATO Clearing account, you can undo this and record it to the income account instead. Your ATO clearing account should not have a balance on it provided that your lodgements in the GST centre are being correctly offset with the payments and/or refunds made for your BAS periods.
Please feel free to reply if you have further questions as I'm here to help!
Thanks for your reply. With the ATO credit, because I had paid the BAS around the time they gave the Cash Boost, they also took the BAS payment from the Cash Boost. As an example, say my BAS payment was $5,000. I paid $5,000. Then the government deposited the $10,000 cash boost into my ATO account. That paid the $5,000 BAS and then the balance $5,000, they deposited into my bank account.
But I think I worked an easy way out. I have submitted a request for ATO to refund the money I paid. Once they deposit that into my bank account, it'll just cancel my payment. And I'll record the cash boost as per the QBO method.
Haahah....so sorry for the confusion. Such a roundabout!
Thanks for clarifying, I understand now - it sounds like you're definitely on the right track! Once you've received the refund, the amounts will balance each other out and you can record the Cash Boost as normal. Feel free to reply at the time if you have any further questions on recording it and we'll be happy to help.
Hi again Kass,
I just have one more question. I followed the instructions on how to set up and record cash boost stimulus payments. On setting up the new chart of accounts for Cash Boost Clearning and ATO Cash Boost Stimulus, what GST default code do we use?
Thanks for getting back to us, @k33132,
We want to make sure your accounts and funds are properly tracked to the correct GST Codes for accurate tax reporting. While these codes affect your financials, we recommend contacting a tax advisor or expert to help you choose the right coding for your business.
Check out these links on ho we handle GST settings in QBO:
Feel free to drop by again if you have other questions related to QuickBooks. I'll be more than happy to help.