Forum Discussion

Larni21's avatar
Larni21
2 days ago

How to record compensation from freight company

I shipped a stock item to a customer. This in turn has been "lost in transit". I don't have another of the items, so the customer is now sourcing from elsewhere. But after some back and forth with the freight company, I have now received a compensation payment from the freight company for this lost item. I am not sure how to best record those monies received into MYOB? Any advice would be great. Thank you. 

  • Shella_A's avatar
    Shella_A
    MYOB Moderator
    2 days ago

    Hi Larni21,

     

    To record the compensation from the freight company in MYOB, you might need to create received money and record the amount received from the freight company then link the amount received to your specific freight account. However, it is best to consult your accountant for specific advice on how to accurately record this compensation in your books. Your accountant can offer more tailored guidance based on your financial records and accounting practices.

     

     

    Regards,

    Shella

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