How to tag Coronavirus Job Retention Grant

[greengriff]

Hi,
We have received a grant for the payment of furloughed employees’ wages and NI. What should it be tagged as and what option should be selected in the ‘Post to Nominal’ drop down box?

Thank you!

[Lurch]

Payroll processing for furloughed employees due to COVID-19

If you cannot maintain your current workforce because your operations have been severely affected by Coronavirus (COVID-19), you can furlough employees and apply for a grant that covers 80% of their usual monthly wage costs, up to £2,500 a month, plus the associated Employer National Insurance contributions and pension contributions (up to the level of the minimum automatic enrolment employer pension contribution) on that subsidised furlough pay. You can obtain further information and make a cl…

[Newchodge]

That reply has completely confused me. I have received the payment, so I know how to claim and what to claim etc. All I eed to know is the correct way to record the payment received. I have done the payroll itself by journal entry. What do I do with the payment, please.

[Paul_Courtier]

Tag it to misc income. Its a taxable grant.(even tho the net affect will result in £0 tax)