Insurance Excess Expense

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  • Question
  • Updated 3 years ago
Hi, I'm using Reckon One, I know that an Insurance Excess payment has no GST however, how should I go about entering this figure. 

So we had damages to someones car from another business, we paid the mechanic $1500, and we paid the $250 excess to the insurance company, and we received the payment back from the insurance company. The $1500 went to expense 'damages to customer cars' the insurance payout went to other income 'insurance recoveries', but where do I allocate the Excess payment.

Should I put it to:
Damages to vehicles
or make up a completely different account?

Thanks in advance, Tanah. 
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Posted 3 years ago

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