Forum Discussion

jsweld's avatar
jsweld
Experienced User
2 years ago

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

 

 

  • Princess_R's avatar
    Princess_R
    MYOB Moderator

    Hi jsweld 

     

    Thank you for your post. As we're not accountants we're not permitted to advise which accounts or codes should be used when recording transactions. I would recommend speaking to your accountant to ensure purchase of new tools is reported and recorded correctly.

     

    However , I'll give you this Help Article , Accounts list , which you may find useful.

     

     

    Please feel free to post again , I'll be happy to assist.

     

    If my response has answered your enquiry please click " Accept as Solution" to assist other users find this information. 

     

     

    Cheers,

    Princess