Insurance claim refund

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Experienced Cover User wnf
12 Posts
Experienced Cover User
Australia
wnf
Experienced Cover User

12Posts

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1Solutions

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Insurance claim refund

Item

Amount

Contents

$1,566.50

Stock

$5,761.39

Sub-Total

$7,327.89

Less Excess

$1,000.00

Total Claim

$6,327.89

How would I enter this refund from Insurance for stock and contents that were damaged. All invoices for repairs and stock have been paid. GST is excluded off the refund.

2 REPLIES
Ultimate Partner ronatbas
4,052 Posts
Ultimate Partner
Australia
ronatbas
Ultimate Partner

4052Posts

2844Kudos

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Accepted Solution Solved Solution

Re: Insurance claim refund

@wnf

 

I would be putting the $1K to other expense 9-xxxx and the $7.3K to other income 8-xxxx each with a memo. Then advicing your accountant in writing that this has been treated this way so that they can treat accordingly at year end.

 

Ron B
BAS Group
03 95588477

info@basgroup.com.au
Making MYOB work for you
Experienced Cover User wnf
12 Posts
Experienced Cover User
Australia
wnf
Experienced Cover User

12Posts

1Kudos

1Solutions

Re: Insurance claim refund

Thanks. I will do it that way.

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