Coding MPI Cyclone recovery grants and insurance
The MPI cyclone recovery grant is subject to GST and therefore if you are GST registered you must code the payment with the GST type Business. Insurance payouts are also inclusive of GST.
We suggest you set up a new code under Other Farm Income for Insurance / Grant payments to manage this.
Coding expenses associated with the cyclone
We suggest you create a new cost tag for cyclone-related expenses so you can tag and keep track of all costs associated with the cyclone.
You can then filter for the cyclone cost tag allowing you to easily report on all the costs associated with the cyclone recovery.
Remember you can save attachments to any invoice or transactions thus keeping an electronic copy of all invoices and receipts. You can also save .jpeg files to an invoice or transaction which allows you to save copies of the photos of the damage for future reference.
Disclaimer: We recommend you seek advice from your Accountant or other farm professionals if you have further queries regarding the MPI grant.