Hi,
We have receved a settlement payment for a motor vehicle.
Below is the breakdown:
Vehicle Value $52900.00 (Do I create an new account, Assets, Other Current Asset, N-T, name as Insurance Payout 2023)
Less Input Tax Credit $4809.09 ( Do I apply to the GST paid account)
Less Finance $6774.62 ( do I apply to the loan account)
Look forward to your response.
Chelsea
Hi @BuildonCert,
Thanks for posting your concern in the forum.
I understand the need to make sure this settlement payment is correctly recorded in the ledger. Unfortunately, this is considered financial advice, and we aren't allowed to provide this. I recommend seeking help from an accountant or a financial advisor.
In the meantime, feel free to create a new thread if you require any other assistance.
Thanks,
Genreve
Chelsea,
Hopefully your MYOB file is in the cloud and your Tax Accountant has helped you.
Accounting/GST for Motor Vehicles is complex.
For monies received from an Insurance Money, you would use a Receive Money.
Duncan
Hi BuildonCert,
Thank you for your post.
We want to thank DuncanS, for sharing insights. May I know how you go on with this issue? If you still need assistance with this or if you have other questions or concerns, please feel free to contact us again or create a new post.
Kind Regards,
Cel
