Hi,
Can you please advise how to enter an refund for an insurance policy that has been cancelled so I can record GST on the refund
Thank you
I would do a cash sale using an item called Refund insurance and link it to the expense account and use NCG. There are many different ways though
Hi @Penny_10069933
Check with your insurer that the funds do actually include a GST component as usually, it's only the net amount that's refunded.
It's also important to determine exactly what charge is being refunded eg is it an overpaid insurance premium due to cancellation or is it a claim settlement amount ? There may also be a stamp duty component (which is GST-Free) if it's related to a premium so ask your insurer for a breakdown of the refund.
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