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AAABKS
Level 1

Categorizing Insurance Proceeds from a loss

I need to know how to categorize a insurance proceed from a loss. I don't believe it's income but not sure. Any help would be appreciated.

2 Comments 2
Rustler
Level 15

Categorizing Insurance Proceeds from a loss

Deposit the proceeds and use Other Income as the source account for the deposit

 

You should have expensed the damage/loss, so on the P&L income is reduced by expense

AAABKS
Level 1

Categorizing Insurance Proceeds from a loss

Ok thank you.

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