REIMBURSEMENT FOR EQUIPMENT DAMAGE
I received $500 for reimbursement for a damaged shipping cage. Do I record this as "Other Income" and then when I pay the invoice for the repairs, record that as "Repair Expense"?
70
242
a3XeXFbYar4lwFacfA8pyY
12/13/10 5:23pm PST
Viewed by asker 12/16/10 6:03pm PST
Viewed by asker 12/16/10 6:03pm PST
1 Reply
12/14/10 6:28am PST
Latest post
Best Answer - Chosen by the Community
You could do it that way. If it were me, I would deposit the check and credit the same general ledger account that you are using when you pay the repair bill. That way, if any one wants to know the detail of that account, they can see the repair bill, but they can also see that someone reimbursed your company and it will all be right there. If this solves your issue, please mark "solved" or ask more questions.
