Insurance Excess Expense
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Tanah_9298852
Member Posts: 7 ✭
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:
Insurance
Damages to vehicles
or make up a completely different account?
Thanks in advance, Tanah.
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:
Insurance
Damages to vehicles
or make up a completely different account?
Thanks in advance, Tanah.
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