Did your business receive the cashflow boost?
Watch Jodi as she shows you how to enter the Cashflow Boost into your Xero file or your MYOB file.
Step 1: Set up an income account.
Step 2: Enter the BAS correctly into GST and PAYG apportions.
Step 3: Enter the credit as a credit note or a direct payment against the bill (depending on your preference & your accounting software).
Step 4: Reconcile the refund into your bank account.
Step 5: Make sure your Cashflow boost matches your Profit and Loss Statement.