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Should I record the insurance claim check as current asset?

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I received a check from insurance company for the claim filed. How do i record that

QuickBooks Online

deposit the check and use either the expense account for the damages or Other Income as the source account for the deposit

RustlerAnswer

deposit the check and use either the expense account for the damages or Other Income as the source account for the deposit

K

kjst1

If the repairs have not been completed for an insurance settlement should I record a liability to offset the income?

Rainflurry

@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.

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