This Help article applies to both Reckon Accounts and Reckon Accounts Hosted. 10:26 AM. Once an employer has qualified for JobKeeper, Xero Payroll can help process the payments received, record the amount paid to staff, and report the details to the tax office. Here it is. ATO-JK. Find out. If you’re one of the 800,000 Australian businesses interested in JobKeeper, be aware the window to enroll for the subsidy payments from end-March has been extended.You now have an extra month, as the ATO has set a deadline of 31 May. 14 … Initially, employers can register their interest in applying for the JobKeeper Payment via . Should it be coded to 'Other Income' Expand Post. Our ATO Community is here to help make tax and super easier. In addition to a lower payment amount, you will have to assign Tiers to your JobKeeper eligible employees, based upon the average hours worked per week in a reference period, rather than paying a flat payment amount.. In this scenario, the only JobKeeper related event you would need to record in the pay run is the JobKeeper fortnight start (o nly for eligible employees commencing or re-commencing JobKeeper payments on after 28 September 2020). 2. a. Add your Business Activity Statement (BAS) as a Bill to Pay. This is sitting as an un-reconciled item in bank accounts. If expert assistance is required, professional advice should be obtained. The JobKeeper Payment scheme finished on 28 March 2021. JobKeeper 2.0 will continue until 28 March 2021. Xero has already updated your pay Items to include a new Pay Item – JobKeeper Payment Top-up. In addition to a lower payment amount, you will have to assign Tiers to your JobKeeper eligible employees, based upon the average hours worked per week in a reference period, rather than paying a flat payment amount.. Then create two sub accounts - one for Cashflow Boost (which is not taxable) and one for JobKeeper payments (which is taxable). Click on the Add Account button, which will open a Add New Account pop-up box. For full details click the relevant link below or contact your payroll software provider. Therefore, any payment made to the ATO for GST need to be coded to the GST control account. Find it in your Payroll Settings under Pay Item Tab. "Xero uses a single general ledger account for recording all GST inputs, outputs and payments - in the Xero default Chart of Accounts it's '820 - GST'. 2. These measures reduce the amount of PAYG Withheld (PAYGW) and payable to the ATO. The client can now reconcile the transaction to the JobKeeper account in Xero as summarised Select Other Income for Account Type and BAS Excluded for the Tax Type. Discussion how to record jobkeeper payment from the ATO Author Date within 1 day 3 days 1 week 2 weeks 1 month 2 months 6 months 1 year of Examples: Monday, today, last week, Mar 26, 3/26/04 2. Enter JobKeeper as the Name of the new account and enter an account that you can easily identify what it is e.g. To record the receipt of the JobKeeper: Create a Receive Money transaction (Banking menu> Receive money). 12 May 2020 It is not intended to be advice and you should not act specifically on the basis of this information alone. In the Notes field, enter a description for this transaction. JobKeeper is a government scheme to help businesses during COVID-19. ). Hope this helps, AlanT inform the ATO - you need to notify the ATO that you've started paying JobKeeper to eligible employees; Set up an income account to receive JobKeeper payments. Open the JobKeeper Payment Top-up and: Adjust the Expense account if you wish. Further the client received the minimum ATO Boost payment of $10,000. Use arrow keys to navigate between menuitems, spacebar to expand submenus, escape key to close submenus, enter to activate menuitems. 1.Review the JobKeeper Pay Items in Xero payroll. Tier notification: establishing an employee's payment rate. An income statement is also available there at the end of the financial year. b. Reconciling the JobKeeper Receipt The client has now received the $15,000 JobKeeper subsidy on 17 August 2020, which they can see in their bank account in Xero by clicking on the Reconcile Items blue button under the bank account name while on the Dashboard as … The ATO have been very clear that once you qualify for Jobkeeper, you are in for the entirety of the period (until the end of September). After hosting a Lunch & Learn Workshop last year on Xero Tips & Tricks, we received an overwhelming amount of questions specific to Xero Payroll. So we have just received the JobKeeper allowance from ATO. Employees who are eligible for the JobKeeper Extension do not have the appropriate payment tier set in Xero, OR; Employees who are no longer eligible have not been marked as ‘Stopped’ for JobKeeper in Xero . 1. A. BEFORE processing your JobKeeper pays in Xero you must have already completed these: Determined if your organisation is an eligible employer; Determined your eligible employees; Enrolled for JobKeeper on the ATO Site – (Please note the Commissioner has extended the time to enrol for the initial JobKeeper periods from 30 April 2020 until 31 May 2020. Hi all. So we have just received the JobKeeper allowance from ATO. For JobKeeper fortnights starting on or after 28 September 2020, the JobKeeper amount will depend on your employee’s total hours of work, paid leave and paid public holidays during their reference period.If the total of those hours is 80 or more, then the JobKeeper amount for that employee will be the tier 1 rate. For example, if you’re claiming a payment for an employee who earns $2000 a fortnight, you still need to set a start date to send to the ATO. Lets say for arguments sake its for 2 employees for 2 fortnights totalling $6000. Subsequently, e ligible employers will be able to apply for the scheme by means of an online application. Xero’s payroll function has also been updated to help employers potentially identify which staff will be eligible for the JobKeeper wage subsidy. If your business is eligible you'll be able to keep paying your employees. Australian Taxation Office (ATO) concessions for COVID-19. The Allowance. Equal to the $10,000 less the amount you received from the ATO as a negative amount N-T This should balance to the total of your refund and if you receive another refund from the ATO for the amount you originally paid, you would post that deposit as a spend money to the Integrated Client Account (or Sundry debtors if you don’t have ICA) less than the JobKeeper payment, or the employee has been stood down, enter a value against the JOBKEEPER-TOPUP wage category As this is the first pay under JobKeeper, make sure you notify the ATO in the Single Touch Payroll reporting centre that you're starting to pay JobKeeper to all eligible employees. 1. Click Add new. What account should I assign this to to reconcile the Xero balance and bank balance? #JobKeeper #XERO #ReceiptsInXERO #Accountants. Use Xero to start reporting to the ATO each pay run. See more about STP for employees at the ATO website Do we just create a new income account called Jobkeeper Payment? Read the instructions for enabling JavaScript in your web browser. Set up a JobKeeper Subsidy income account in Xero → Go to Settings > Advanced Settings > Chart of Accounts; Create a new account - call it 'JobKeeper Subsidy' Set it to be BAS Excluded, and 'Other Income' You will reconcile the JobKeeper payments from the ATO to this account when they hit your bank account Report turnover to the ATO monthly → Xero Payroll Webinar. Enter the Name as JobKeeper Payment ; Select Save and Close ; How to add payments to the JobKeeper Payment account once they are received. XERO MYOB AccountRight MYOB Essentials They do not have any effect on […] © 2021 Waterford Accountants All Rights Reserved | Terms of Use | Privacy Policy | CLIENT UPLOAD, Government Media Release – Reforms To Make The Superannuation System Fairer, Limit On Self-Education Deductions Will Impact Medicos, Land Tax COVID-19 Relief – 2020 & 2021 Land Tax Years, Optical Superstore – Payroll Tax Implications for Medical Professionals. For example, if you’re claiming a payment for an employee who earns $2000 a fortnight, you still need to set a start date to send to the ATO. After each pay run, once pay details from Xero have been reported to the ATO, employees can see up-to-date tax and super information in their ATO online services account. There are also some additional JobKeeper pay categories that are needed to notify the ATO when you become eligible to receive payments. Click your business name and choose Accounts list. For full details click the relevant link below or contact your payroll software provider. ($10,000 in this case) N-T. The full amount of the subsidy you received from the government. Just to confirm, this isn’t a bug. Each month, you must report to the ATO: Your actual monthly GST turnover figure; A projection of the next month’s GST turnover figure; To run a JobKeeper monthly report in Xero: In the Accounting menu, select Reports. We have received our first JobKeeper payment - … How to record JobKeeper payments Step 1 – Create a new account for JobKeeper income https://www.loom.com/share/7dd605b361de40f39868871397e27c63. ATO-JK. To record this in the pay run (so it is then reported via STP), go to the employee's pay and click on "Actions" > "Add JobKeeper Payment" > select "JobKeeper start" from the options dropdown list > select "JOBKEEPER-START-FN01" from the "JobKeeper period" dropdown list > click on "Finished". The guide provides examples only. The guide assumes that as you are completing the bookkeeping for your business, you have a basic knowledge of Xero (for example, you know how to create a bill, or how to create a new account in the chart of accounts) and the terminology used in Xero. Go to Payroll/ Employees. Record a Credit note in Xero for the ATO credit 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. – create a new account and enter an account that you can easily identify what it e.g. Income `` GST free income '' ’ ve put together a few quick and easy follow. This isn ’ t a bug to clear 1 Answer ; Share ; Answer... Summarised below payment - … Initially, employers can register their interest applying... Xero to start reporting to the ATO website Australian Taxation Office ( ATO ) concessions for COVID-19 bank. 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