fbpx

How to record Cash Boost Payment inside Xero

by | Apr 20, 2020 | Business Services & Advice, COVID-19

  1. Record your BAS as a purchase bill

Note: in this example, client pays quarterly GST and monthly PAYG and therefore will be eligible to receive a credit equal to 300% of his March PAYGW, ie. 3 x $3,000 = $9,000

The ATO will offset these $9,000 against the March quarter BAS in the Integrated Client Account and transfers a $4,000 refund into your nominated bank account.

  1. Record a Credit note in Xero for the ATO credit

  1. Apply this credit to your outstanding March quarter BAS

The remaining $4,000 of the ATO credit can be either applied against your future lodgements or the ATO will deposit this amount into your nominated bank account. (example below)

  1. Reconcile refund received from the ATO (or remaining payment on BAS)