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deposit the check and use either the expense account for the damages or Other Income as the source account for the deposit
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If the repairs have not been completed for an insurance settlement should I record a liability to offset the income?
@kjst1
The settlement should be recorded to an other income account called 'Gain from insurance proceeds' at the time of receipt, even if repairs have not been completed. That income will be offset with expenses when the repairs are made.
