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jason82
April 29, 2020
Solved

How do you record the entry in quickbooks for the 75% wage subsidy once the funds are received from the government?

  • April 29, 2020
  • 1 reply
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Original commenter did not share additional details
    Best answer by jason82

    Thank you.  I have since learned that businesses will need to enter the funds they received from the wage subsidy as a form of revenue.  I have added “grant income” as an entry option to use once the funds are received.  This will ensure the funds are entered into the business.

    1 reply

    AddieC
    AddieC
    April 29, 2020

    Hi there, 

     

    Times are rapidly changing for small business owners across the country in these uncertain times. I know how important it is for you to keep up with these evolving circumstances so you can maintain your books. It's our goal to provide resources to help you through this.

     

    The new Canada Emergency Wage Subsidy (75%) will become available for applications on April 27th, 2020. As of today, we haven't released an article outlining steps for entering this into QBO, but I'd encourage you to review the articles outlined on the CRA website. 

    This article will outline subsidies, as well as other support news for employers.
     

    I'd also recommend looking into our Webinar resources, such as the one here: An Overview of the 75% Canada Emergency Wage Subsidy and Canada Emergency Response Benefit.

     

    I hope this helps get you started. If you have any other questions, please don't hesitate to reach out to our tech support team.

     

    Cheers.

    J
    jason82AuthorAnswer
    April 30, 2020

    Thank you.  I have since learned that businesses will need to enter the funds they received from the wage subsidy as a form of revenue.  I have added “grant income” as an entry option to use once the funds are received.  This will ensure the funds are entered into the business.

      S
      SoaresSandra
      May 7, 2020

      Hi,

      I have quickbooks desktop.  what is the JE that needs to be made to record the wage subsidy? Do I enter the entire funds as the "subsidy income" or do i need to break it down for CPP employer and EI employer. Since those are part of the subsidy?

      Thank you!

      Sandra

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