Hi - can anyone tell me how to create a new account for the Cash Flow Boost in Australia? This is not reportable for tax but I cannot see an NTR option to use here. Thanks!
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This thread may help
Thanks Patch - JobKeeper is a different payment and is reportable/taxable. But CashFlow boost is not. I use MYOB in another business and it is recorded as NTR so it appears as ‘other income’ after the operating in the P&L…
This Guide will tell you how to add an account, @MartinL: Add an ordinary account | Manager. But it only covers the mechanics of adding the account, not any questions of taxability of income. There was an article in the April newsletter about coronavirus recovery issues with a relevant warning, if you still have that around:
The article discussed several features of the program that can be used to avoid doing so. Regardless of how you account for pandemic-related stimulus measures, remember that financial and tax accounting are not the same thing. It is often impossible to make tax filings exactly match our financial records. The important thing is to design our financial records so they provide the necessary information to support tax filings.
OK thanks Tut - I can work around it but was hoping to find a way to keep the account separated from standard income accounts in the P&L. Not a big deal I suppose…
Don’t misunderstand me, @MartinL. You can definitely add a new income account if you want. My point was only that you will have it on your chart of accounts long after you need it. Ask yourself whether you can accomplish the same things by posting receipts from this program to a Miscellaneous income account or something similar that could be reused for other purposes.
But if you need a dedicated account, that is a small price to pay for potential survival of your business.
Yep - got it thanks - and I wasn’t aware of the perpetual nature of the accounts list. I can live with that - but wonder if there is any way to show a miscellaneous or ‘other’ account after the operating profit in the P&L report is there?
Yes. Read this Guide: Build a chart of accounts | Manager.
Looks good - many thanks Tut. I’ll have a good read tomorrow but can see at a glance ‘non operating income’ which might be the place to go. Cheers!
And if you click under Summary edit or Reports, don’t show zero balances, then the perpetual nature impact can be minimised / hidden in future years.
Good solution - thanks Brucanna!
Hi Tut,
I am now subscribed to newsletters, but was wondering if there was any way to read historical newsletters - specifically the April newsletter mentioned in this thread ?
No, there is no archive of newsletters.