Hi
We had tools stolen from our workshop to the value of $24,000
We placed a claim and were given a payment to cover the tools by our insurer, which I coded to : "4-8000 Insurance Recoveries."
With the money received from insurance, we purchased new tools to the value of $24,000.
How is the purchase of new tools coded in MYOB?
Do we code it to our usual "Tools" account code, which will make it look like we now have $48,000 in tools?
Thanks
Hi jsweld
Thank you for your post. As we're not accountants we're not permitted to advise which accounts or codes should be used when recording transactions. I would recommend speaking to your accountant to ensure purchase of new tools is reported and recorded correctly.
However , I'll give you this Help Article , Accounts list , which you may find useful.
Please feel free to post again , I'll be happy to assist.
If my response has answered your enquiry please click " Accept as Solution" to assist other users find this information.
Cheers,
Princess
