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Post Info TOPIC: Insurance claim vat
Blonde Accountant


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Insurance claim vat
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Hello,

I am wondering if anyone can help, a few months ago a client had a break in and lots of tools were stolen a good chunk of which belonged to two employees. The insurance claim has been put in, accepted and the money has been received. However, the director now needs to replace the employees stolen tools, one of which is a major purchase-approx £1000, she is reluctant to do this as she says that we will have to put them as additions, but they won't actually belong to the company. Also this particular employee is leaving soon so these tools will go with him. Can anybody tell me what the double entry would be please ?

 

Many thanks 



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Nicola
Cheshire


Master Book-keeper

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Blonde Accountant wrote:

Hello,

I am wondering if anyone can help, a few months ago a client had a break in and lots of tools were stolen a good chunk of which belonged to two employees. The insurance claim has been put in, accepted and the money has been received. However, the director now needs to replace the employees stolen tools, one of which is a major purchase-approx £1000, she is reluctant to do this as she says that we will have to put them as additions, but they won't actually belong to the company. Also this particular employee is leaving soon so these tools will go with him. Can anybody tell me what the double entry would be please ?

 

Many thanks 

You may need to remind her that not doing so is insurance fraud/theft for failure to replace.

Did her claim form state the value of the employees items and that they were owned by the employee?

Did her insurance settlement form show the split of the payment for said employees item?

(I presume you know how to deal with the other element of the insurance under the appropriate accounting standard)

 



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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Blonde Accountant


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Hi Joanne,
Thank-you for the reply.
She did state the individual values of all of the items, but I don't know if she said that some were owned by employees. The claim didn't show the split of the payment.
I shall remind her, thank-you



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Nicola
Cheshire


Master Book-keeper

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Hi Nicola
I would try to get a copy of the claim form submitted and the response, although from what you say the latter wont tell you much. Hopefully the former will.

Then you can split the treatment of the business/non business related items I would suggest.

Without it she will probably have to take a hit.

Do they use a firm of Accountants for the final year end stuff? Worth running via them?

__________________

 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Blonde Accountant


Senior Member

Status: Offline
Posts: 103
Date:
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Hi Joanne,
I shall do that when I am in tomorrow.
I shall also ask the accountants as you suggest.
Many thanks


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Nicola
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