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October 2020 Update

JobKeeper Extension Guides

Follow the button links below for our updated guides that relate to new rules regarding the JobKeeper Extension.

It is important to note that if you are no longer eligible for JobKeeper, you need to 'Stop JobKeeper' for your employees in Xero. See the guide for those steps. 
JobKeeper Extension - How to Process in Xero
JobKeeper Extension #1 - Eligibility (Period: 28/9/20 - 3/1/21)

Video Tutorial - How to Build Custom Profit & Loss Reports

We go through how to build your own customised profit and loss reports as well as how to compare it to previous periods and/or compare to budget. 
 
Some common and useful headings for these reports include:
- Wages/Staff Costs
- Ministries
- Missions/Outreach
- Administration
- Property
- Manse

Reconciling the Insurance Account (S5)

It's that time of year again where we get many queries regarding the Insurance Accounts which are S5's. In September your church would have had your premium debited on that S5 account, which comes through as a 'spend money' in Xero. You can either code this intial debit straight to your Insurance expense account for September, or can spread the cost out over the year.
 
Option 1 - Straight to Expense for September
  • Code the initial spend money/debit straight to your Insurance expense account.
  • When you pay into the S5 account, do this as the 'transfer' tab as this is for internal transfers between your bank accounts.
 
Option 2 - Spread the Expense over the Year (Prepayment)
  • Code the initial expense to Prepayments/Prepaid Expenses.
  • Set up a recurring Manual Journal to empty the the Prepayments every month. Credit the Prepayment account, Debit the Insurance expense account for the monthly portion.
When you pay into the S5 account, do this as the 'transfer' tab as this is for internal transfers between your bank accounts.
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