Partner Zone

How to allocate Workers Comp cheque Received

This thread is now closed to new comments.
Some of the links and information provided in this thread may no longer be available or relevant.
If you have a question please start a new post.
Sparks01
Experienced Cover User
23 Posts
Experienced Cover User
Experienced Cover User

23Posts

3Kudos

0Solutions

How to allocate Workers Comp cheque Received

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 Smiley Happy

 

 

1 REPLY 1
Tracey_H
MYOB Moderator
11,799 Posts
MYOB Moderator
MYOB Moderator

11,799Posts

1,391Kudos

1,768Solutions

Re: How to allocate Workers Comp cheque Received

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.

 

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

Cheers,
Tracey
Previously @bungy15

MYOB Community Support

Online Help| Forum Search| my.MYOB| Download Page

Did my answer help?

Mark it as a SolutionHelpful? Leave a to tell others

Didn't find your answer here?

Try using advanced search to find a post more easily Advanced Search
or
Get the conversation started and make a new post Start a Post