Please confirm how is a wage subsidy payment that's been received, meant to be entered into Myob?
Please confirm is the account classification - 'Other Income' - with account name [Wage Subsidy/ reimbursement]?
e.g
Received $1,000 from an employment agency for hiring an individual,
The agency provided a Tax Invoice for the amount, which included GST.
is this processed as 'spend Money', or a 'sales' entry?
thanks plenty
Hi PaulaD
Thanks for your post. As we're not accountants we're not permitted to advise which accounts and tax codes to select when recording transactions. You would need to speak to your accountant about this.
From a software perspective, when you are receiving money you would enter either a Receive money transaction or enter the tax invoice as a Sale. If you enter a Sale you will also need to enter a Receive payment transaction to record the payment and close the Sale invoice.
Please let me know if you need further help.
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