Forum Discussion

Recycledmore's avatar
Recycledmore
2 years ago

Refund from Insurer

We have received a refund from our insurer of $3,164.07 LESS ITC of $287.64 ($2876.37). I understand we record the monies received under receive monies but how do we record the ITC amount of $287.64?

  • Tracey_H's avatar
    Tracey_H
    Former Staff
    2 years ago

    Hi Recycledmore 

     

    Thanks for your post. As we're not accountants we're not permitted to advise on the accounts and tax codes for transactions like your insurance settlement. You would need to speak to your accountant to ensure this is recorded and reported correctly.

     

    Please don't hesitate to post again if you need help in the future.

     

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