How do I record a settled insurance claim for a stolen van which was financed. The insurance claim made a payment to the finance company for the outstanding finance, the balance was paid to the company. When I recorded the purchase of the van on Sage I opened a loan account to record monthly payments.
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In order to provide the correct solution we'll need to gather some more information.
How did you originally record this van in Sage?
Which nominal codes and bank accounts were the postings made to?
What monthly payments are you recording and to which codes?
If needed, it may be better to give us a call on 0191 479 5955 so we can check in to these postings further.
The van invoice was entered as T1 to Volkswagen Finance N/C 0050
Supplier payment made for deposit / file maintenance changed the figures to trigger Vat up front
A new loan account was created to record monthly payments paid T9
Credit Note raised for finance balance to N/C created