Talk to Sales: 877-683-3280

Hours

Mon - Fri, 5am - 6pm PST
Sat - Sun, 7am - 4pm PST

Product support & help

Need help signing in?

Level 7

Solved

How do I record a Property Insurance Claim?

Forum|Forum|7 years ago
December 11, 2018
2 replies
50 views

I received an insurance payment for a roof claim on two of my rental properties. Should I deposit the check in the same EXPENSE category listed below. Or do I need to make an income category for Insurance Claims? Does it matter. I have 2 roofs. One I am going to repair and the other I am not.

EXPENSE
Insurance:
Property Insurance:

Thank you in advance for taking the time to help me.

QuickBooks Desktop

Best answer by Rustler

@ greg

I would book the insurance payment as income, split between both properties, and I would create an insurance income account for that purpose

Repairs to a roof do not impact on the fixed asset at all, a roof replacement does and is a new fixed asset account

if you repair a roof, then that is an expense for that property obviously

Level 15

@ greg

I would book the insurance payment as income, split between both properties, and I would create an insurance income account for that purpose

Repairs to a roof do not impact on the fixed asset at all, a roof replacement does and is a new fixed asset account

if you repair a roof, then that is an expense for that property obviously

lindak1119Author

Level 7

That sounds like the best method. Thanks for your response.

You need to ask your tax professional about this.

Comment deleted.