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.
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.