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How would I enter this refund from Insurance for stock and contents that were damaged. All invoices for repairs and stock have been paid. GST is excluded off the refund.
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May 2017 - last edited May 2017
I would be putting the $1K to other expense 9-xxxx and the $7.3K to other income 8-xxxx each with a memo. Then advicing your accountant in writing that this has been treated this way so that they can treat accordingly at year end.