Insurance Reimb
How do you apply an insurance reimbursement for a professional license? Client has expenses due to being sued, and won. Insurance reimbursed her for legal fees and I would like to know how to apply this check.
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dTcng0t1Sr4yUOacwZ5xHE
02/04/12 10:13am PST
Viewed by asker 04/15/12 12:41pm PDT
Viewed by asker 04/15/12 12:41pm PDT
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The solution
I would normally apply the refunded to the expenses incurred, with any difference being posted to either, Gain on Legal Matter (Other Income) or if a defect then I could just charge it to Legal Fees.
It is always best in these kinds of situations to ask your Accountant how they would like it recorded.
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