How to record JSS (Job Support Scheme) payout?
JSS (Job Support Scheme) is a cash grant given by the government to offset part of the local employee wage costs during the outbreak of COVID-19. There are two income account types (Sales and Income) in MoneyWorks. The Sales account type is a trading income, whereas the Income account type is for capturing non-trading income such as interest income or cash grant received. The Income account (a.k.a. Other Income) presented after the gross profit of the Profit and Loss report (You can have a custom report if you prefer to change the default presentation). Create an Income account and name it as JSS (or Job Support Scheme if you preferred). Then, use a receipt transaction to record the cash grant received from the government (IRAS), the entry debits the Bank account and credit the JJS income account.
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