How should the Victorian State Govt Business Grant payment be recorded?

[IntuitAika]

Hi tindale-darren,

While we don't have an article on how to record grants on a specific state, you should be able to use the same steps to create an account to record the grant. You can check on this article with the full guide on how to set up and record Cash Boost stimulus payments. Also, you can contact your Accountant or one of our ProAdvisors to get the best advice for your business. 

Feel free to drop a comment below if you have any other questions. Have a nice day. 

[Nick256]

Hi InuitAka, the issue with the victorain buisness grants is that it is not regarded as income. It can be used for a variety of purposes which include buisness costs, wages and anything that will grow/promote your business. In my case I have used a lot of it to purchase new equipment. What I would like to be able to do is open a "from" account similar to my bank account where I can allocate the gov payments and deduct the purchases made with the payments. Because this is a grant any purchases do not get recorded as business expenses nor do they have gst attached. Cheers Nick