I have sent a parcel to my customer via RM 1st class recorded.
It was insured for up to GBP50, but the value of the items (sold price) was GBP37.
I want to claim money back but RB uses something like “original proof of value” which means I can only get back the actual cost of the item to me, my purchase price which was around GBP20.
What shall I do with remainig GBP17 form accounting point of view and what shall I do after RM will accpet my claim for GBP20.
Firstly, I’m assuming you sent a replacement item to your client, if not, you will need to a raise a ‘Credit Note’ for the full amount of the sales invoice:
** Entering Compensation Received from Royal Mail:**
Now enter the compensation received from RM onto your Quick File bank account or import your bank statement, see the guide below on how to enter the transaction manually:
Manually Entering Transaction on Bank:
Select the relevant bank account and then click ‘Input New Transaction’.
Enter the date the compensation was received, the reference i.e. ‘Royal Mail Lost Mail Compensation’, enter the type as ‘Money In’ and the ‘Amount’ received.
Once the transaction is on the bank, whether entered manually, imported or using bank feeds, follow the steps below:
Now click the ‘Tag Me!’ button to tag item and select ‘Something else not on this list’, enter ‘Miscellaneous Income’ as the 'Post to Account and ‘Bank Interest Received’ as the ‘Description’, finally click to save.
Quick File will now process the relevant entries.