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BusinessPerson5
Level 2

How to record court ordered restitution (receivable and payments)

There was a theft from the business in a previous year, the loss of the item was expensed then.  Now there is court-ordered restitution this person must pay back to the business.  How do I:

  1. enter in the overall restitution amount (the receivable, let's say it's 5,000.00), and
  2. how do I enter in the subsequent restitution payments?

 

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