We’ve put together a few quick and easy to follow video guides on how to correctly record your stimulus payments in QBO
How to record JobKeeper payments
Step 1 – Create a new account for JobKeeper income
https://www.loom.com/share/d094d5d180a8409eb847a1f2f5a18091
Step 2 – Reconcile payment from ATO to the JobKeeper income account
https://www.loom.com/share/70049d1690e44d4f93f1ccb2e64016ec
How to record Cash Boost
Step 1 – Create a new account for Cash Boost income
https://www.loom.com/share/b728e96b85c54f059ad984460309169e
Step 2a – Reconcile net payment from ATO to ATO income account (Jigsaw will reconcile at EOFY)
https://www.loom.com/share/20a9f62ddff14a08aeaf0eb208452e7f
Step 2b – Reconcile gross payment cash boost to ATO liability account (balance sheet) and ATO income account (P&L)
https://www.loom.com/share/cf74c481c5e34c23ac9afdd4e0f85c69
How to record NSW/VIC Grants
Step 1 – Create a new account for NSW/VIC Grant income
https://www.loom.com/share/2d241721725a4c878c5e66a8afaa5073
Step 2 – Reconcile payment from ATO to the Grant income account
https://www.loom.com/share/9766e45c70d144f0856994282fa49aad
Don’t worry too much – as we’ll be correctly reconciling these when we complete your next BAS / EOFY. If you have any concerns about your JobKeeper, Cash Boost or grants don’t hesitate to contact the team for more information.
FAQs
JobKeeper:
- JobKeeper is paid monthly, as a reimbursement for the last 2 fortnights (September payment will include 3 fortnights in August)
- Every JobKeeper participant is required to lodge a monthly declaration, which will trigger the ATO to release the reimbursement (approx. 14 days from lodgement)
- The forward month projection is your best guess at your future income. It will NOT be held against you if you are incorrect
- Once you reach the required reduction in turnover in a month, you can continue claiming JobKeeper for the entirety of the scheme – even if your sales increase
- Jigsaw Tax does not get notified whether your JobKeeper has been paid. Please let us know if it hasn’t been paid
Cash Boost:
- Every business that is eligible and reports wages at W1/W2 will have the calculated boost applied automatically
- The boost will be initially applied to ATO Integrated Client Account debt. Only excess will be refunded
- The bank details provided for JobKeeper are not applied to Cash Boost refunds. We may have to confirm these again from you
NSW/VIC grants:
- All grant income must be expended on business expenses (non-JobKeeper staff / top-ups, operating expenses such as rent, maintenance etc.)
- Do not claim the grant unless you will be able to show expenditure on operating expenses
- For NSW, we will provide a letter of support and you will be required to lodge documentation with the state Government
- NSW has advised that compliance and verification action will occur after COVID
