Forum Discussion

BuildonCert's avatar
BuildonCert
Contributing User
7 months ago

Motor Vehicle Settlement

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 Insura...
Genreve_S's avatar
Genreve_S
MYOB Moderator
7 months ago

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

  • DuncanS's avatar
    DuncanS
    Ultimate Partner
    6 months ago

    BuildonCert Genreve_S 

     

    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

    • Celia_B's avatar
      Celia_B
      MYOB Moderator
      6 months ago

      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