How to record government money that should be allocated to parents later
Dear Experts, We're running a small childcare centre. Recently government send us some money to our bank account. That money is not for our centre, but should be allocated to parents later. W...
Hi catherinehu
Welcome to Myob community forum and hope you find the resource valuable!
In general, you can use the 'Receive money' option to record the money received from government and can be posted to a separate liability /loan account/clearing account until they are paid out.
I would highly recommend seeking advice from your Tax accountant as to record these transactions could be complex and could be specific to your organization.
The following help article has detailed instructions to record a receive money Receive money - MYOB Business - MYOB Help Centre.
Regards
Priya Selvaraj
