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Level 1

How to properly categorize a payment for property damage to my business?

I did not go through my insurance company for the damages. I actually have 2 payments that I need to categorize. One was for damage that was done to the building, and later in the year I had damage done to my light pole. Once again, neither one of these went through my insurance, it was paid from the other companies. So how do I input this in QBO? Do I show it as income? If so, doesn't that inaccurately reflect my actual income for my restaurant? Thanks in advance for any help.
1 Comment
Level 15

How to properly categorize a payment for property damage to my business?

Actually repairing the damages would have posted to an Other Expense account

Then any repayment for those damages deposit in the bank and use Other Income as the source account for the deposit.

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