This article has information about how to process the COVID-19 wage subsidy in Synergy Cashbook. The instructions herein are only relevant if you have, and use, the Cashbook module, as this is where you will input the subsidy payment received.
However, the information provided below, regarding revenue / sales reporting may be still be relevant if you do not use the Cashbook module.
Before proceeding, we recommend you refer to the official information via the govt COVID-19 hub: https://covid19.govt.nz/business-and-money/financial-support/financial-support-for-businesses/
TABLE OF CONTENTS
Reporting Revenue figures in Synergy
Here we explain how to get revenue information from Synergy which will help you apply for the COVID-19 Resurgence Support Payment (RSP) or the Wage Subsidy
- For official info regarding the RSP on the Inland Revenue website - Click on this link
- For official info regarding the Wage Subsidy on the Work & Income website - Click on this link
There any many reports within Synergy you can use to report and compare prior/current sales; here we will suggest two recommended reports for this purpose:
Note - You will need to run these reports for 2 different date ranges to provide the comparison
Product Sales Report:
You will find Product Sales Reports as an option in the Reports section (bottom right) within Accounts Receivable:
Alternatively, you can navigate to: Marketing/Reports > Accounts Receivable > Product Sales Reports
This report can produce a detailed report itemising sales down to the product level, but for this purpose a summarised report based on 'Group' should suffice. So select Group Sales Summary in the "Report by" section, then enter the appropriate date range by selecting the Date Range option below.
Click Preview and you will be provided the option to select which Groups you wish to report on, use the double arrow button to select all groups:
This will produce the report, in the format of the example below (note this is taken from a demo/training system, so the sales figures in this example are meaningless):
Gross Profit Report:
Go to: Marketing/Reports > Gross Profit > Gross Profit Reports
Enter the relevant date range and select Group in “Report By”
Then preview:
Click the double arrow to move all groups to the right-hand pane then click Accept
Processing the Wage Subsidy
While we cannot provide accounting/tax advice, as at April 2020 our understanding is that the Wage Subsidy is a Current Liability. Check with your accountant which General Ledger code they want you to use. If necessary, create a new GL code in Company/Setup > General > Analysis Codes.
If and when you receive a govt Wage Subsidy payment into your bank account, you would process the wage subsidy in Cashbook > “Enter Receipt” and code it to your wage subsidy GL code
We recommend you check with your accountant to make sure this is how they want it processed
Check out our COVID Hub for other information - click on this link
Didn’t find what you were looking for?
Our Support team are here to help, you can reach us by submitting a support ticket