How and where should I log an insurance payout in books?
Hi, I have a little question. So I have bank feeds set up and am trying to categorize a payment.
DHL damaged one of my parcels and issued me a credit note for the damage done. This has then been paid into our bank account by them rather than using it to pay other invoices with them.
How is the best way to record this? Should I create a vendor credit and link it to the payment they made via the banking section? and if so what account should I record this under? Should I add it to the "postage" account or create a new one? something like "Insurance Payouts" maybe? and if so what should it be "Other Asset", "Income", "Other Income" etc? I am using the UK version. Or should it be done a different way?
Many thanks
James
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