Insurance Claim

Comments

• John Gibson Member Posts: 47

  April 2017 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
  

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• Nia Member Posts: 18

  April 2017 edited April 2017

  Hi John,
  
  Thank you for your response.
  I will try to follow it.
  
  Nia
  

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