Insurance Claim Received in Bank Feed

Question

Ive received an insurance claim where the insurer&nbsp; has taken out the excess amount together with the Input Tax Credit.&nbsp;How do I process the transaction so that I can claim back the&nbsp; Input Tac Credit amount through my BAS?&nbsp;Would I manually put the ITC&nbsp; account in the catergory?&nbsp;Ive&nbsp; Put in&nbsp; &nbsp; &nbsp;Gross Amount $5352.23&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Minus Excess -$500&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Minus ITC&nbsp; &nbsp; &nbsp; &nbsp;-$486.56&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Net amount&nbsp; &nbsp; &nbsp;$4365.67&nbsp; &nbsp;received amount.It doesnt seem to connect with the BAS Reports?

earl_hd · Answer

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

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Insurance Claim Received in Bank Feed

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