11-02-2011 02:28 PM
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.
11-02-2011 04:06 PM
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?
11-02-2011 04:07 PM
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.
11-02-2011 04:51 PM
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.
14-02-2011 09:41 AM
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 :-)
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