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Insurance Claim

NiaNia Member Posts: 18
edited July 2017 in Accounts Hosted
Hi all,
How to record the refund from our insurance claim from insurance company on Reckon Account Hosted?
Thank you


Comments

  • John GibsonJohn Gibson Member Posts: 47
    edited July 2017
    Typically I record a Sales receipt transaction, allocating the refund to 'Other Income' account or 'Insurance Recoveries' account - some clients will allocate the refund back to the expense account as a (negative) expense but that method does not properly comply with tax legislation, where the Gross income should be noted rather than Net income.
    Create a separate Item to use, called Insurance Recoveries, assigning the Item to 'Other Income' or 'Insurance Recoveries' account/s
  • NiaNia Member Posts: 18
    edited April 2017
    Hi John,

    Thank you for your response.
    I will try to follow it.

    Nia
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