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Level 2

Insurance claim received against damaged goods

Hi Team,

 

We recently received a shipment that had a few damaged goods, for which we had already covered cargo insurance. We do not plan to write off the goods, what we attempt to do is, repair the goods using the claim we got from our insurance company.

 

My question is, now that we have receive a cheque amount from the insurance company against the damage claimed, I can directly go to Banking ---> Make deposits, is this the correct way to record the claim received ?

 

In the make deposits window,  I am choosing the insurance company's name under 'received from' and the account as 'cargo insurance'

please note that the insurance company is classified as a supplier as we have paid bills to them previously when we were making the insurance and we put it under the 'cargo insurance' expense account.

 

Kindly advise

 

 

2 Comments
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Level 2

Insurance claim received against damaged goods

No answers received yet !!

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QuickBooks Team

Insurance claim received against damaged goods

Hello there, @arshia200.

 

I'm here to provide advice to your concern regarding the cheque that you received from your insurance company against the damage claim.

 

Yes, you're doing it right. You can track the cheque that you got as a deposit. However, to help you in selecting the category of the account to be used in the deposit, I suggest consulting your accountant. They'll be able to provide you the best course of action for your business to keep your records accurate.

 

Once you have the proper account to be used, you may now track the deposit in the system. You can always utilize this link to help you in creating and modifying deposits in QuickBooks Desktop: Record and make bank deposits in QuickBooks Desktop.

 

Know that you can always get back to me if there's anything else that you need. I'll be here to you. Have a good one!

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