Payment Received that belongs to someone else

[Chippy]

Hi,

I have received a payment from an Insurance company that doesn't belong to me. Although I am tracking this with the insurance company I need to recieve the funds into Myob so I can balance the account.  I am pretty sure I need to do a "Receive Money" but I don't want to make up a "Supplier card" to pay the funds back when I find out who it belongs to as I won't have all of their details to complete the supplier card.  My question is....Is there a quicker more efficient/correct way to do this?  I also am not sure if this should be considered as income as I am not treating this like my money as it doesn't belong to me.

[Tracey_H]

Hi @Chippy 

Thanks for your post. You can record a Receive money transaction and leave the Payor field blank. In the Memo field enter a description so that you know what the transaction relates to and allocate the amount to the suspense account.

When you pay the amount back to the insurance company, record a Spend money transaction and allocate to the same suspense account.

This will allow you to reconcile your bank account without affecting your income accounts. 

Please let me know if you need further help.

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