Insurance Claim Received in Bank Feed

karenlee11

Ive received an insurance claim where the insurer  has taken out the excess amount together with the Input Tax Credit.

 

How do I process the transaction so that I can claim back the  Input Tac Credit amount through my BAS?

 

Would I manually put the ITC  account in the catergory?

 

Ive  Put in     Gross Amount $5352.23

                      Minus Excess -$500

                      Minus ITC       -$486.56

                     Net amount     $4365.67   received amount.

It doesnt seem to connect with the BAS Reports?

Earl_HD

Hi @karenlee11,

My apologies for the late response. That's a tricky one! Because this involves how an insurance claim, the Input Tax Credit (ITC), and your BAS interact. For an accurate answer, please reach out to your accountant or a registered BAS agent. They can confirm the right accounts and tax codes.

Regards,
Earl