How to process the Cash Flow Boost payments in Xero & MYOB

ato bas cashflow boost myob xero May 12, 2020
 

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.

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