Hi all. We had a company vehicle involved in an accident and was deemed a total write-off by the insurance company. We have received a credit of $18,240.91 into the bank account and an explanation of the payment breakdown via email: Agreed Value: $21,000 - Less ITC Entitlement: $1,909.09 - Less Excess: $850.00.
Can anyone please help me out on how to correctly allocate this break up in MYOB? Would greatly appreciate some help here! :)
Hi LisaD1,
Thanks for your post. Generally speaking you would record the refund as a receive money transaction into your software, however if you're unsure on how to report the break down of the payment it would best be to speak to your accountant or financial advisor to ensure it is reported correctly.
Do let me know if you have any further questions.
If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.
