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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.

EMPLOYERS/SOLE TRADERS/CONTRACTORS


*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

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