Difference between revisions of "How do I journal a Covid19 grant?"
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Katy Kitchen (talk | contribs) (Created page with "{{Review}} == Summary == Money received as a grant or under the furlough scheme should be posted into your accounts using a {{NL}} journal. == More Information == You may wi...") |
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== Summary == | == Summary == | ||
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== More Information == | == More Information == | ||
| − | You may wish to [[How do I create a nominal code?|create]] some additional nominal centres for the posting e.g. Covid19 Grant or Furlough Scheme Income. We suggest the centres should be Profit & Loss - Overhead centres although you should seek advice from your accountant as they may suggest you treat the funds as Sales income. | + | You may wish to [[How do I create a nominal code?|create]] some additional nominal centres for the posting, e.g. Covid19 Grant or Furlough Scheme Income. We suggest the centres should be Profit & Loss - Overhead centres although you should seek advice from your accountant as they may suggest you treat the funds as Sales income. |
| − | {{Information|text=If the funds are a loan and to be repaid you should create a Balance Sheet - Liability centre as opposed to a Profit & Loss centre.}} | + | {{Information|text=If the funds are a loan and to be repaid, you should create a Balance Sheet - Liability centre as opposed to a Profit & Loss centre.}} |
Go to {{Menu|{{NL}}|Journal Entries}}. | Go to {{Menu|{{NL}}|Journal Entries}}. | ||
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* Enter your bank nominal code into {{DataPrompt|Centre}} on the highlighted line on the list. | * Enter your bank nominal code into {{DataPrompt|Centre}} on the highlighted line on the list. | ||
* On the next line: | * On the next line: | ||
| − | ** In the {{DataPrompt|Centre}} column, enter the centre you wish to record the funds under. | + | ** In the {{DataPrompt|Centre}} column, enter the centre you wish to record the funds under. |
| − | ** In the {{DataPrompt|Date}} column, enter the date you received the funds. | + | ** In the {{DataPrompt|Date}} column, enter the date you received the funds. |
** In the {{DataPrompt|Credit}} column, enter the amount received. | ** In the {{DataPrompt|Credit}} column, enter the amount received. | ||
** In the {{DataPrompt|Comment}} column, enter a suitable reference e.g. {{DataValue|Covid19 Grant Received}}. | ** In the {{DataPrompt|Comment}} column, enter a suitable reference e.g. {{DataValue|Covid19 Grant Received}}. | ||
| − | * Press {{KeyPress| | + | * Press {{KeyPress|ESC}} and {{KeyPress|Accept}} to post the journal. |
== See also == | == See also == | ||
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* [[Posting journals]] | * [[Posting journals]] | ||
| − | + | {{KB_Tags|coronavirus, covid19, covid 19grant, income, funds, money received, cashbook, journal, nominal}} | |
| − | {{KB_Tags|coronavirus, covid19, | + | {{How}}{{KB_NL}} |
| − | {{KB_NL}} | ||
{{KB_Ref|NL05}} | {{KB_Ref|NL05}} | ||
Latest revision as of 12:56, 14 November 2024
Historic Article
 |
This article has been replaced and is only included in the Knowledge Base for historic reference only. |
- For help on finding out how up to date your Platinum system is, please click here
- If you would like help on updating your current system to the latest version click here.
- If you have any questions on the new update please Contact your Platinum dealer or our support team on 0116 230 1500 or by using our website support contact page.
Summary
Money received as a grant or under the furlough scheme should be posted into your accounts using a Nominal Ledger journal.
More Information
You may wish to create some additional nominal centres for the posting, e.g. Covid19 Grant or Furlough Scheme Income. We suggest the centres should be Profit & Loss - Overhead centres although you should seek advice from your accountant as they may suggest you treat the funds as Sales income.
 | If the funds are a loan and to be repaid, you should create a Balance Sheet - Liability centre as opposed to a Profit & Loss centre. |
Go to " Nominal Ledger Journal Entries".
- At "Entry mode", choose 'Cashbook'.
- The "Money in/out:" should be set to 'In'.
- Enter your bank nominal code into "Centre" on the highlighted line on the list.
- On the next line:
- In the "Centre" column, enter the centre you wish to record the funds under.
- In the "Date" column, enter the date you received the funds.
- In the "Credit" column, enter the amount received.
- In the "Comment" column, enter a suitable reference e.g. 'Covid19 Grant Received'.
- Press <Esc> and <Accept> to post the journal.
See also
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Tags
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