Forum Discussion

Experienced User

2 years 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

MYOB Moderator

2 years 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
Ultimate Partner
2 years 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
  MYOB Staff
  2 years 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