Account for Coronavirus SSP Rebates received in Sage 50 Accounts

Create new nominal codes to record rebate

We recommend you create the following new nominal codes to record when you make a claim and when rebates are received, unless otherwise advised by your accountant. This will help you when reconciling any income received.

1. On the navigation bar click Nominal codes then click New/edit.
2. Complete the Nominal Record window as follows:

   N/C	Enter the nominal code number you want to create, for example, 1150.
   Name	Enter the name of the account, for example, Coronavirus SSP Rebate Accrued Income.

3. Click Save then click Close.
4. Repeat this process to create the second nominal code.

TIP: If not already included, you must add your new nominal codes to your existing chart of accounts. If preferred, you can show Coronavirus grants and rebates as a separate category on your profit and loss.

Record rebates claimed

You should record each claim you make as a journal entry, to post a debit for accrued income on the balance sheet under Debtors, and a credit on the profit and loss under Other Sales.

For the purposes of this section we'll use the following example:

• The company makes a claim for £500 on 20 November 2020.
• No rebate has yet been received.
• In this example, we're using the non-vatable tax code, T9. If you're unsure of the correct tax code to use you should consult your accountant.

1. On the navigation bar click Nominal codes then click Journal entry.
2. In Reference, enter a reference, then in Posting Date enter the date of the claim.
3. Enter the following information to record the accrued income:
   

   N/C	Name	Details	T/C	Debit	Credit
   1150	Coronavirus SSP Rebate Accrued Income	Coronavirus SSP Rebate claim	T9	500.00
   4950	Coronavirus SSP Rebate Received	Coronavirus SSP Rebate claim	T9		500.00

4. Click Save then click Close.

Record rebates received

You should record rebates received as a bank receipt to the Coronavirus SSP Rebate Accrued Income nominal code. This increases your bank account balance and reduces the accrued income balance.

For the purposes of this section we'll use the following example:

• A rebate for £500 is received on 20 December 2020.
• The rebate is received into the company current account, nominal code 1200.
• In this example, we're using the non-vatable tax code, T9. If you're unsure of the correct tax code to use you should consult your accountant.

1. Click Bank accounts, click Receipts then click Bank receipt.
2. Complete the Bank receipts window as follows:
   

   Bank	Date	N/C	Details	Net	T/C	Tax
   1200	20/12/2020	1150	Coronavirus SSP Rebate received	500.00	T9	0.00

3. Click Save then click Close.