How to allocate Workers Comp cheque Received

[Sparks01]

Hi Myob Community, 

We have recieved a cheque from Workers Comp, being a reimbursement for wages paid for an employee.

What do I allocated this to in Myob? What Tax Rate? I'm assuming its Other Imcome and Not Reportable...

Any advice would be greatly appreciated

[Tracey_H]

Hi @Sparks01 

Thanks for your post. Generally speaking you would have two expense accounts, one to track the wage payments made to the employee and one to track the reimbursements.

In the original Essentials platform you would process a journal to transfer the wage amount from the Wages and Salaries account to the WorkCover expense account for the wages paid.

When you receive that money you would do a Banking>>Receive Money transaction to the WorkCover Reimbursements expense account.

If you're unsure about the tax code I would recommend speaking to your accountant.

Please let me know if you need further help.

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