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Contributing User
jethsons
Posts: 22
Registered: ‎02-09-2010
Australia
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How to enter Insurance premium adjustment.

Hi,

 

How can i enter Workers Compensation Premium Adjustment?

I received a cheque for an amount of 2068.76.

 

How do i record it In Myob.

 

 

 

Thanks

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Valued Partner
Kerry_Black
Posts: 449
Registered: ‎15-01-2007
Australia
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Re: How to enter Insurance premium adjustment.

Hi,

 

Enter it into MYOB as a Receive Money (provided you don't have a credit for that amount sitting in your Purchases Ledger), then allocate it either to the same account as your Workers Compensation Insurance payments go to or to a 8-???? sundy income account.  Maybe check with your external accountant where they would prefer it coded to, as each Accountant is different.

 

Cheers,
KerryAnn Black
MYOB Certified Consultant
Bankstown NSW Ph: 02 9796 3500 Mobile: 0414 905 517
Email: kerryannblack@gkmee.com
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Ultimate Partner
Clive
Posts: 3,260
Registered: ‎11-01-2007
Australia
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Re: How to enter Insurance premium adjustment.

Hi Kerry,

 

Wouldn't the Receive Money transaction allocated to the Workers' Compensation expense account put the transaction in the income area for BAS reporting instead of as a reduction of expense?

 

Regards

Clive Williams

MYOB Certified Consultant & Accredited Trainer; Ostendo Consulting Partner
Cert IV Financial Services (Bookkeeping); Cert IV Training & Assessment; BAS Agent 92620 006
Providing on-site MYOB support in Sydney, the Blue Mountains and Hawkesbury
Remote support available for MYOB throughout Australia
Mobile: 0418.657.833 AH (02) 4754.4151
email: clive@crwservices.com.au website: www.crwservices.com.au
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Ultimate Partner
Julie_A_C
Posts: 2,479
Registered: ‎07-09-2010
Australia
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Re: How to enter Insurance premium adjustment.

Hi

 

You should do a credit note (purchases) from the insurance company with the allocation account being the workers comp insurance expense account.  Then go to the purchases register, refunds & credit and receive the refund.

 

If you do a receive money transaction it will appear in Sales in your GST reports and this is not what it is.

Julie Carter AIPA, BBus(Acctg),
MYOB Professional Partner, Registered BAS Service Provider
Associate Member of Institute of Public Accountants
ph: 0417 927 654 email: accuratebooks7@gmail.com
Accurate Books Always (Servicing from Leederville to Pinjarra, Fremantle to Armadale WA)
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Valued Partner
Kerry_Black
Posts: 449
Registered: ‎15-01-2007
Australia
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Re: How to enter Insurance premium adjustment.

Hi Clive & Julie,

 

Yes it would, I was giving general advice (as I always do in this forum) and not specific GST advice, as that is where my income comes from.  This was why I didn't mention a GST code (as I use the NEG code for these types of transactions, so that it shows in the correct place on the BAS), this was also one of the reasons I suggested talking to their accountant so that their own expert would give them.

 

Yes creating a credit note in the purchases ledger is I believe a better way to go, if the client is using the purchases ledger.  As the user asked a simple question without stating what version of MYOB they were using I gave them the simplest answer, as they may be using Business Basics and therefore have no purchases ledger.

 

 

Cheers,
KerryAnn Black
MYOB Certified Consultant
Bankstown NSW Ph: 02 9796 3500 Mobile: 0414 905 517
Email: kerryannblack@gkmee.com
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Contributing User
jethsons
Posts: 22
Registered: ‎02-09-2010
Australia
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Re: How to enter Insurance premium adjustment.

Hi Kerry,

 

I am using MYOB AccoutRight Standard  v 19,

 

i do have a purchases ledger.

 

 

 

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Valued Partner
Kerry_Black
Posts: 449
Registered: ‎15-01-2007
Australia
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Re: How to enter Insurance premium adjustment.

Hi Jethsons,

 

If you are using your purchases ledger to record your workers compensation payments, then the refund cheque, should also be entered (as per Clive & Julie), as a credit note etc.  Hope this all works out for you :-)

Cheers,
KerryAnn Black
MYOB Certified Consultant
Bankstown NSW Ph: 02 9796 3500 Mobile: 0414 905 517
Email: kerryannblack@gkmee.com
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