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Old 03-31-2009, 09:12 AM
BKW BKW is offline
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Recording Insurance Claim Check

We had something that was turned into our insurance company and they paid a claim. How do I record these entries?
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  #2  
Old 04-01-2009, 02:30 AM
shazinoz shazinoz is offline
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Can you clarify what you mean by "turned into" ?

Is/Was there any tax implication on these transactions ? (eg Tax code/reporting requirements)

You don't say where you are located, but here in Australia, if it's required to be recorded on taxation reporting documents, you'll need to enter the income via a "Sales Receipt". If not, you can enter it directly through "Make Deposits"
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Last edited by shazinoz; 04-01-2009 at 02:33 AM.
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Old 04-01-2009, 09:40 AM
BKW BKW is offline
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In the previous year I paid for repairs on leased equipment. We put a claim into the insurance company which reimbursed us for the repairs on the equipment (the insurance check came the following year).

So the repairs were used as equipment repairs expense on our taxes. The following year I am reimbursed for those repairs. I am not sure where to record the insurance check - how to make th entries.

I am in the USA
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Old 06-01-2011, 12:45 AM
Joe Williams Joe Williams is offline
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Deposit it to the same equipment repairs expense account. If you claimed the expense last year, you will show that amount less on your taxes this year.
Normally if you have an insurance claim that you had to pay then get a reimbursed foe, create an other current liability named "Insurance reimbursed" and use it on the check and deposit.
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