At Business Wellness Hub, we ask our clients to do Monthly Allocations including sending their bank statements each month to us for reconciling. We could do a whole blog post just on this (and likely will in the future!), BUT the purpose of this Blog is to detail one of our most common questions; “Why do you need a copy of thebank statements when our accounting software hasbank feeds?”.   

And the simplest answer is we need toverifythatallbank feeds have arrived. Sometimes a day can be missed, orduplicatesappear and these need to be corrected to not only ensure accurate records at BAS time but to ensure the business decisions that you make are backed by accurate data. 

By reconciling the feeds to the bank statement, we can confirm the data is accurate.  

At BAS time, havingmissinginformationonyourBASmaymean you are not reporting your GST correctly, and no onewantstohearaboutthisduringanaudit! 

At...

As certified Xero consultants, we have collated the latest information to create for you a simple step-by-step guide to reporting JobKeeper payments with Xero.

_{Guides for other Software}

• MYOB Essentials 
• MYOB AccountRight

Download a Printable PDF of this Guide

In this Guide:

Before you Start 

Set Up JobKeeper Start Dates

About Jobkeeper payments

Standing Down an Employee

Record an employee’s time on stand down

Examples

Other Information

Before you Start

• Set up Single Touch Payroll in Xero
• Review the eligibility criteria for employers(ATO website)
• Enrol employees for JobKeeper payment(ATO website)
• Set Jobkeeper Start Dates as per below

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Set Up JobKeeper Start Dates

Take care when setting the start date in the steps below. Once you click Save for reporting, the start date is locked and can't be undone.

1. In the Payroll menu, select Pay Employees.
2. In the Payroll support during COVID-19 message, click visit our Payroll...