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

Julie5723
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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 General Ledger account in Other Income or Income and does the money received attract GST? 

TIA

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

Hi @Julie5723 

 

Thanks for your post. As we're not accountants we're not permitted to advise which accounts or tax codes should be used when recording transactions. I would recommend speaking to your accountant to ensure the grant is reported correctly.

 

Please let me know if you 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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DuncanS
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Re: Disaster grant received - how to enter and set up general ledger account

@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

Duncan Smith
Business Advice + Tax
Helping business owners build a better business since 1998
E expressgst@optusnet.com.au T 02 9904 3672 7 days

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