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Julie5723's avatar
Julie5723
Member
3 years ago

Disaster grant received - how to enter and set up general ledger account

Hi, we have received monies with regards to the Flood Disaster Grant from QRIDA (re floods back in February/March this year), and am wondering how to enter into MYOB Accountright. Do I set up a Gener...
DuncanS's avatar
DuncanS
Ultimate Partner
3 years ago

Julie5723 Tracey_H 

 

Julie,

 

I would setup a Other Income Account.

 

You will have to speak with your Tax Accountant and/or the ATO to determine whether QRIDA is NANE Income (NANE is Non Accessible Non Exempt).

 

GST Treatment would be determined by the paperwork from QRIDA.

Once again, talk with your Tax Accountant and/or the ATO.

 

Duncan

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