jsweld
2 years agoExperienced User
Insurance claim processing
Hi
We had tools stolen from our workshop to the value of $24,000
We placed a claim and were given a payment to cover the tools by our insurer, which I coded to : "4-8000 Insurance Recoveries."
With the money received from insurance, we purchased new tools to the value of $24,000.
How is the purchase of new tools coded in MYOB?
Do we code it to our usual "Tools" account code, which will make it look like we now have $48,000 in tools?
Thanks