due to covid and my shop being closed for 72 days I got a refund of my shop insurance company. How

David Hocken
David Hocken Member Posts: 3 Novice Member Novice Member
edited June 2020 in Accounts Hosted

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  • Kris_Williams
    Kris_Williams Member Posts: 3,702 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert
    edited June 2020
    You can do a journal crediting insurance expense account, using NCG, and debiting the bank account  Or you can do a sales receipt with an item connected to the expense account. Just remember there was GST when you paid it so there has to be GST when you get the refund
  • Unknown
    Unknown
    edited June 2020
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  • Kris_Williams
    Kris_Williams Member Posts: 3,702 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert
    edited June 2020
    Horses for courses, whatever makes sense to the user. I do journals all the time and balance my tax payable account after every BAS with no problem. Have done so for 20 years
  • Unknown
    Unknown
    edited June 2020
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  • Bruce
    Bruce Member Posts: 445 Professional Partner Professional Partner
    edited June 2020
  • Kris_Williams
    Kris_Williams Member Posts: 3,702 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert
    edited June 2020
    Yes I totally agree, I do factor that in but didn’t want to complicate things, especially as it’s probably a small credit. 
  • Kris_Williams
    Kris_Williams Member Posts: 3,702 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert
    edited June 2020
    20 years in 12 days
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    Unknown
    edited June 2020
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    Unknown
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