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davetop
Level 1

Setting up sub-account to Income Account

Have received an Insurance check for damages suffered. Do not want to reflect as Income, but check is deposited in our Cash A/c at bank. How do I reflect; set-up account?

1 Comment
vpcontroller
Level 11

Setting up sub-account to Income Account

@davetop

 

Whether you choose expense or income account, it will either reduce the expense line or will increase the income line but the net result is — will increase net income at the bottom line.

 

Depending on the insurance check amount, you've two options:
1) Use the account to pay for the insurance, usually insurance expense account.
2) Use the "Other Income" account type (Detail Type = Other miscellaneous income). It will show at the bottom of the P&L after operating income line.

You may also want to consult with your Accountant for best advice.

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