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Hi there,
The ATO partially refunded the Jobkeeper/Cash Boost payments, which was the difference between our PAYG/GST liability and the Jobkeeper/Cash Boost payments. This partial refund came in as a joint refund into our direct bank feed for both income streams. How do we show the total rather than the partial JK/CB amount and how do we show the PAYG/GST has been fully paid when there is no bank feed transaction specifically for it?
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Hi L5D,
The guide on recording the Cash Boost Stimulus will walk you through a) paying the BAS (PAYG/GST) using a clearing account, b) recording the total CB amount using a journal, and c) matching the bank transaction to the journal. Using a clearing account to record the BAS payment will allow you to mark it as paid without having a bank transaction to match to it. You can then set up an Income account and create the journal to record the total amount of the CB, the BAS amount and the actual refund received, and match your refund to this journal. Feel free to also reach out to our Support Team if you would like some guidance in walking you through this, you can reach them by:
-Kass
Hi L5D,
The guide on recording the Cash Boost Stimulus will walk you through a) paying the BAS (PAYG/GST) using a clearing account, b) recording the total CB amount using a journal, and c) matching the bank transaction to the journal. Using a clearing account to record the BAS payment will allow you to mark it as paid without having a bank transaction to match to it. You can then set up an Income account and create the journal to record the total amount of the CB, the BAS amount and the actual refund received, and match your refund to this journal. Feel free to also reach out to our Support Team if you would like some guidance in walking you through this, you can reach them by:
-Kass
We already had most of that in place. We just needed to work out the journal for the partial amount and point it to the right accounts. This was a bit of trial and error because we have a number of clearing accounts but it is now done. Thanks for your reply.
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