Insurance claim check - how to deposit?
How do I enter a check I received for an insurance claim reimbursement? I want to deposit it to checking.
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11/27/10 7:25am PST
Viewed by asker 04/14/12 4:58pm PDT
Viewed by asker 04/14/12 4:58pm PDT
6 Replies
Bizelle
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11/27/10 7:27am PST
The solution
Banking > Make Deposit. For the account, use the account you used when you expensed your insurance.
If this answers your question, please mark solved. If not, feel free to ask more questions. Thank you!
Michelle Long CPA
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11/27/10 7:30am PST
You would enter it as a deposit, but the account to post it to depends -- what is the insurance reimbursement for and did you pay for repairs or replacement of an asset?
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11/27/10 7:56am PST
The insurance reimbursement is for repairs after a roof leak caused water damage. Yes, I paid for those repairs.
11/27/10 8:06am PST
The you should post the insurance reimbursement to the same account used to post the repairs. The insurance money should offset the repairs expense.
01/17/12 4:33pm PST
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What if only partial of the insurance reimbursement is used for the repair? Should thd difference book to other income?
