Commonly Asked Questions - #2 Wage Subsidy entry in Xero
Updated: Apr 1, 2020
This is a guide to help you enter your wage subsidy received from MSD transaction in Xero.
*Go you your Chart of Accounts (under Accounting tab), “Add Account” for revenue and narrate he account, such as COVID-19 Wage Subsidy Received. GST should be set to No GST and then “Save”.
*Reconcile the entry as you would normally, checking that the entry is also showing GST as No GST and the transaction is coded to COVID-19 Wage Subsidy Received. You can add further details should you require under “Why” for audit trail later on. Click OK and you are done.
You are done. #WageSubsidyNZ #ReconcileMSDinXero #HowtoreconcileinXeroMSDSubsidy