Covid 19 Wage Subsidy Scheme

How to record Covid-19 Government Wage Subsidy Scheme in SortMyBooks

Set up a Current Liability Nominal – to do this go to ​Tools​ and ​Nominals​, scroll down to Current Liabilities​ and choose one of the nominals called ​control liability1​ etc. Rename it to be: PWSS Subsidy. See Figure 1.

Create a customer, click on ​Sales​ and ​Customers​, click on ​Add​, use name Wage Subsidy change type from Customer to ​Other​, set ​Default Nominal ​to PWSS Subsidy.

If you are using Bank Imports, when you are reconciling a refund,​ set alias​ to Wage Subsidy and click on ​match​ and click on ​Payment on Account (or MiscLodgment) ​and make sure the nominal is PWSS Subsidy.

If you are doing manual bank reconciliations then record the refunds as a ​MiscLodgment (Accounts tab, click on MiscLodgments and Add) ​again making sure the Nominal is PWSS Subsidy.

Note​: there will be additional instructions about handling this refund once the Revenue introduces statements with further information.

Figure 1

When you are entering your Payroll journal, add a new line for the Covid calculation. It should be on your payroll report from your Payroll Software.

You'll need to add a line to your payroll, Debit PWSS Subsidy.