Hi, recently had a my exhaust stolen off my vehicle. The insurers told me to fix the vehicle and so paid for the parts via my credit card £2500.00 inc VAT, which I did. I have followed the correct procedure in Solar Accounts and have paid the money back to myself.
I have had a cheque made to the company for the parts excluding VAT and excess. As the repairs were through my credit card I used General Payments to log the purchase. How do I input the refund into Solar Accounts.
Hello KP,
For the payment from your insurer, you could record a Money Received transaction from 'Uncategorised Income' and deposited into 'Cheque Account'. The VAT rate should be 0%.
Please check this with your accountant as he/she may prefer a different method.
Regards,
