If you are entering Bills to pay into Xero in the Purchases section (or using Shoeboxed or Receipt Bank) you need to ensure you are marking these bills off as paid rather than entering the bills then entering the expense again in the reconciliation section. So we have just received the JobKeeper allowance from ATO. Brandon has recorded a video on how to process JobKeeper in Xero, and minutes after he finished, Xero updated further to include a basic last month turnover calculator too!. Got employees and wondering how to reconcile all the jobkeeper subsidy? It doesnt currently handle other periods, but will soon! 2. Xero Accounting Bank Reconciliation Tutorial 2019. 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. Generally, the quickest way to reconcile a tax refund from, or payment to the ATO is to use the Create tab during reconciliation. Report to the ATO your turnover each month, alternative tests for calculating GST turnover, Director / Sole Trader / Partner / Trust Beneficiary, learn more about paying your eligible employees, learn about JobKeeper changes to FairWork, If you report GST on a cash basis, you can choose, If you report GST on accruals, you are stuck with, If you chose a period that hasn't finished yet (, didn't receive paid parental leave during the JobKeeper fortnight, didn't receive workers compensation payments during the JobKeeper fortnight, must choose you if they have other long-term casual roles, not a permanent employee of another employer, they must meet the other eligibility criteria, notify your eligible employees that you intend to participate in JobKeeper, ask them if they agree to be nominated and receive payments from you under JobKeeper, Confirm the information here to what you recorded in your eligible employees list, their employment basis is set to labour hire, superannuation income stream or is blank, a permanent employee who started after March 1, 2020, a casual employee who started after March 1, 2019, have a termination date prior to March 1, 2020, the first JobKeeper fortnight is the period from, a JobKeeper fortnight is any one of the 13 fortnights starting from, if the employee is working during this period, the hourly rate, if the employee is working during this period, or on reduced hours or stand down under a JobKeeper enabling direction, the expectation is that leave entitlements continue to accrue. Step 1 – Create a new account for JobKeeper income https://www.loom.com/share/7dd605b361de40f39868871397e27c63 Step 2 – Reconcile payment from ATO to the JobKeeper income account If I was to reconcile it to the Bank Fees account as I normally do for PayPal fee reversals, the amount in Xero would not match the amount shown when I login to the PayPal website (it would be out by $1.10). Move your business to the cloud. For further guidance on all things JobKeeper 2.0 and a series of helpful ‘How to’ guides, head to the ICB website. 1.Review the JobKeeper Pay Items in Xero payroll. You can set a stop date for JobKeeper in Xero if your employee resigns or their employment is terminated and you are no longer eligible to claim JobKeeper for them. In the Deposit into field, select the account the money is being deposited into. You do need to report your turnover each month to the ATO, Choose whether you are comparing your monthly or quarterly turnover. We understand there can be different ways of entering transactions in your accounting software to achieve the same result in the general ledger. -Add your number e.g. Use our collection of tools and information to help take your business online. Bookkeeping for COVID-19 Credits, Deferrals, Refunds and JobKeeper A simple guide to bookkeeping principles for the different aspects of the economic stimulus. You will need to create a new income account for receiving JobKeeper payments: Click on your company name at the top right of your screen to view the drop down box. The normal rules for deductibility apply in respect of the amounts a business pays to its employees where those amounts are subsidised by the JobKeeper payment. It will also help if you're missing just a few statement lines. Jobkeeper 1.0 Xero template for employers. Learn step-by-step how to do bank reconciliation in Xero in this video. if you chose April 2020, you're comparing it to April 2019, There may be situations where the turnover in the corresponding period in 2019 does not provide an appropriate relevant comparison. The guiding principles that we live and breathe, Our standards for businesses we work with, Improve your systems, insights, and clarity around your numbers, Leverage the fastest growing cloud accounting platform for business, Build a world class accounts team for your business, Bookkeeping for Restaurants, Cafes and Hotels, Bookkeeping for retail stores, online stores, and ecommerce businesses, The fundamentals of understanding your numbers, Experiments and Learnings from Digit Labs, JobKeeper enrolment kicks off Monday the 20th of April, here is everything you need to know to manage it for your business, You only need to satisfy the fall in turnover test once - you don't need to test your turnover in the following months or quarters. Click on an Employee’s Name, click on the Pay Template tab, Add Earnings Line – select JobKeeper Payment Topup, or Job Keeper (if the employee is not going to work for the job Keeper. Xero update will make it simpler for small businesses to manage JobKeeper Cec Busby - April 23, 2020 2 MIN READ Cloud accounting solution Xero has announced a range of key updates to its product to make it simpler for small businesses to apply for JobKeeper and manage the ongoing reporting process. 'All JobKeeper payments are assessable income of the business that is eligible to receive the payments. This field is for validation purposes and should be left unchanged. In these situations, you will need to consider the alternative test, Run reports in Xero to get your turnover for the periods you chose, learn more about GST turnover on the ATO website. You just need to add the item to your employee’s payslip. Manually reconciling statement lines is useful when you don't have bank statements available to import into Xero accounting software. Once you’re there, simply click on the employee’s name to review their year-to-date summary. How to record JobKeeper in Xero. It is an Allowance with a special new ATO Allowance type. This is … If you click Stop JobKeeper, you can restart but only from a later fortnight, If employees are listed as unlikely to be eligible or not compatible with JobKeeper, here are some reasons why -, If you are eligible, and intend to claim JobKeeper from March 30 -, There are specific treatments of Superannuation during JobKeeper -, learn more about paying your eligible employees | admin@crosscorp.com. We’ll also cover how to check that your payroll reports reconcile and if you find a mistake on your employee’s end of year summary, we can guide you through the steps to getting that fixed too. Xero Payroll Webinar. Access business finance. Recording JobKeeper Payments in MYOB & Xero, Click on your company name at the top right of your screen to view the drop down box, Go to the Accounts List and looking at your Other Income, choose an appropriate number for your new account, You can then click on the green button “Add New” and create your new account. You will need to create a new income account for receiving JobKeeper payments: How do I process the JobKeeper reimbursements in Xero? Learn more about enrolment here. The software creates a pay item so that you can accurately report these payments to the ATO. So you should be posting your BAS payment, or refund to the GST Liability account. Most of the time you will enter in JobKeeper Payment Topup. As JobKeeper payments are made to your business, they will need to entered into your accounting software. It has taken me all day to go back and figure out why my Xero accounts don't match to what PayPal shows. Hi all, GST collected and paid are posted in Xero to your GST Liability account, the net balance of this account at the end of a BAS period is either payable to (credit balance), or a refund from (debit balance) the ATO. Apply this … Click on Accounting at the top of your page and from the drop down list choose “Chart of Accounts” from the advanced section at the bottom, Have a look at how your account numbers have been set up and following your number pattern choose an appropriate number for your new account, Click on the +Add Account button and choose the following settings, Receive to the above account in your ordinary way. This is sitting as an un-reconciled item in bank accounts. In the Notes field, enter a description for this transaction. 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 → Finance options available to your business and what you need to consider before applying for a loan. 1. “8-800″. Hi KatieAcacia, Yes, you may create a new Other Income account, for example 'JobKeeper scheme payments'. 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 illustrated below. Sorting your year-end payroll with Xero Find how to videos, articles and a series of helpful webinars, covering topics like Single Touch Payroll and how to complete your STP Finalisation in Xero. Use Xero to keep track of your business's key numbers. Have you received JobKeeper payments from the ATO? In the new year, the same pattern holds. To finalise year end with STP within Xero, go to Payroll > Single Touch Payroll > Finalisation. – Code: The account number your chose following your number pattern, – Description: “this account is for your JobKeeper Top Up payment reimbursements”, – If you tick in the box – Show on Dashboard Watch-list, you will be able track of your incoming payments via your Dashboard view, (Level 3) Suite 18/23 Railway Rd, Subiaco WA 6008 The client can now reconcile the transaction to the JobKeeper account in Xero as summarised below. Hi all. Rest assured that as soon as JobKeeper 2.0 arrives, Xero Payroll will be ready. You do not need to set the stop date for the end of the JobKeeper scheme (the fortnight ending 27 September 2020). After hosting a Lunch & Learn Workshop last year on Xero Tips & Tricks, we received an overwhelming amount of questions specific to Xero Payroll. How do I process the JobKeeper reimbursements in MYOB? Hi everyone, Come on over to the new discussions in Xero Central.It’s a more intuitive way to connect and chat all things business with one another. In the Payroll menu, select Pay Employees. If you’ve set up STP in Xero, we provide a list of your employees who are likely to be eligible for JobKeeper payment. To ensure that the entire process is as streamlined as possible, Payroll has been updated to accommodate all of the most recent changes. You can't undo this, so get it right the first time! Lets say for arguments sake its for 2 employees for 2 fortnights totalling $6000. Reconciling transactions and payments between Xero and your bank account, cash coding, bank rules Code the transaction to the appropriate GST or PAYG account (excluding payments or refunds for fees, interest or penalties). What account should I assign this to to reconcile the Xero balance and bank balance? Xero has already updated your pay Items to include a new Pay Item – JobKeeper Payment Top-up. If you are using either MYOB or Xero we have some great instructions below: step by step processes for setting up a new income account and then recording your JobKeeper deposits. If you’re happy with the summary shown, select the checkbox to the left of the employee’s name and then click Finalisation and submit to the ATO. There needs to be a standard code on Xero for the government payments to business including JobKeeper and the small business payment as they need to be correctly coded not to show up as revenue in the JobKeeper report for government - I nearly missed out on JobKeeper as I coded the small business payment initially as Income - Other. If you’ve set up the Australian Government or the ATO as a contact, choose it from the Payer list or you can add a new payer by clicking Add customer from the Payer list and entering their details. In the Allocate to field, select the new income account you created earlier. Refer to FairWork and relevant Awards, if you have any questions about a role change that has occurred during COVID, what an employee can or can't do in relation to their role, seek advice from a HR professional, If the employee is working and earns more than $1500, then. We pay our respect to their elders past and present and extend that respect to all First Nation peoples today. 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