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Accounting entries for CVJRS payments from HMRC

  • Member PM.Dip
  • Practice Licence
  • 10 posts
  • # 118899

Good afternoon

Where in a set of accounts are people recording CVJRS payments from HMRC please?  Is it classed as income or is it recorded as a grant please?

I'm using Xero.

Regards

Steve
  • Member PM.Dip
  • Practice Licence
  • 10 posts
  • # 118902

I think I have found the answer.  Section 24 of FRS102/101/105 shows that it must be shown as other income received.

In Xero I have created account 261-Revenue Other Income and called it 'Other income received CVJRS'.

Please do correct me if I am wrong.

 

Regards

Steve
accountsforme
  • Fellow PM.Dip
  • Practice Licence
  • 225 posts
  • # 118909

That is spot on Steve.
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