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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.
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.
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?
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.
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.
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 :-)