Forum Discussion

Paperboy1's avatar
Paperboy1
9 months ago

Recording a refund

We have received a refund from a hire purchase company that has ended our lease earlier as a good faith gesture and have now credited us with funds.  As this was not a bond refund how would  I allocate this credit.

  • DuncanS's avatar
    DuncanS
    9 months ago

    Paperboy1 Genreve_S 

     

    I believe that the refund is Interest that could have been charged.

     

    As Genreve mentioned, have a talk with your Accountant.

    Accounting for a HP can be complex.

     

    Duncan

  • Genreve_S's avatar
    Genreve_S
    MYOB Moderator
    9 months ago

    Hi Paperboy1, 


    Thank you for sharing your concern with us. Apologies for the delayed response.

     

    Ensuring all transactions are accurately recorded in the ledger is indeed crucial. There are several ways to achieve this, but I must inform you that providing such guidance falls under financial advice, which we are not permitted to give. I would strongly suggest consulting with an accountant or a financial advisor for this matter.

     

    In the meantime, if you need help with anything else, please don't hesitate to create a new thread. We're here to assist you.

     

    Thanks,
    Genreve

    • DuncanS's avatar
      DuncanS
      Ultimate Partner
      9 months ago

      Paperboy1 Genreve_S 

       

      I believe that the refund is Interest that could have been charged.

       

      As Genreve mentioned, have a talk with your Accountant.

      Accounting for a HP can be complex.

       

      Duncan

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