I've found minimal information regarding this subject. I found one website article that had the following...
Journal entry to record the CEWS wage subsidy:
Upon calculation and submission of subsidy
Debit: Accounts Receivable CRA
Credit: Wage Subsidy/CEW account
Upon receipt of subsidy
Debit: Bank
Credit: Accounts Receivable CRA
Which makes sense but that would have the subsidy become income which would negatively impact your organizations ability to qualify for the next period. Further searching lead me to an article that confirmed with a caveat that "the income inclusion should generally be offset by a deduction for employee remuneration." So possibly the better question would be... How do I offset the income inclusion with a deduction for the employee?
Would be nice if QuickBooks put out an step by step for the CEWS subsidy much like the 10% subsidy article.
