Reckon Accounts Hosted 2021 is now available! Check out more info HERE.
The Reckon Accounts Business 2021 tax update is now available! More info HERE
Are you an STP app user? Check out our IMPORTANT announcement CLICK HERE FOR MORE INFO.

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
Sign In or Register to comment.