Covid19 NSW JobSaver Payment

SusieExpTech
Experienced Cover User
56 Posts
Experienced Cover User
Australia
Experienced Cover User

56Posts

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Covid19 NSW JobSaver Payment

Good morning,

 

Our business is located in Greater Sydney and we have been accepted to receive the grant for Covid19 relief for NSW, the JobSaver Payment. This payment will be automatically paid to us fortnightly.

 

As this is not the same type of relief payment as JobKeeper, I am assuming I need to set up a new account to record these payments against, say for accounting/auditing purposes.

 

As the JobSaver payment is relief for businesses to cover numerous categories of "business costs" i.e. salary & wages, rent, perishables etc., I'm assuming that I will need to make a new Income Category, or Other Income category that is separate from any of the Income Categories that we already have.

 

Could someone please clear this up for me as to how I should correctly record these payments, whether I need to reconcile these payments, tax categories etc.

 

Thanks guys

3 REPLIES 3
Tracey_H
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Re: Covid19 NSW JobSaver Payment

Hi @SusieExpTech 

 

I'm sorry to hear that your business has been impacted by the pandemic and lockdowns, fingers crossed things improve soon. I'd recommend checking with your accountant about how to record the JobSaver payments to make sure they're reported correctly for tax purposes and for financial reporting.

 

Once you know what you need to record I can help with how to do that in your software. 

 

Please let me know if you do need further help.

 

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

Cheers,
Tracey
Previously @bungy15

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Louise678
Experienced Cover User
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Re: Covid19 NSW JobSaver Payment

I have the same problem....as the Jobsaver payments are not taxable I need to set up a new account for them to go into. I don't want them to be part of my income so I am guessing it won't be in an income account? How should I set up an account to allocate the payments to. 

Tracey_H
MYOB Moderator
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MYOB Moderator

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Re: Covid19 NSW JobSaver Payment

Hi @Louise678 

 

From an AccountRight perspective Other Income and Other Expense accounts aren't included in the Operating Profit/Loss in the Profit & Loss report so can be used for situations like these. However, I do recommend that you speak to your accountant to make sure the payment is recorded and reported correctly.

 

Please let me know if you need further help.

Cheers,
Tracey
Previously @bungy15

MYOB Community Support

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