Insurance Claim
Nia
Member Posts: 17 ✭
Hi all,
How to record the refund from our insurance claim from insurance company on Reckon Account Hosted?
Thank you
How to record the refund from our insurance claim from insurance company on Reckon Account Hosted?
Thank you
0
Comments
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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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Hi John,
Thank you for your response.
I will try to follow it.
Nia
0
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