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NNG Enterprises
November 2, 2020
Solved

Should I record the insurance claim check as current asset?

  • November 2, 2020
  • 1 reply
  • 0 views
I received a check from insurance company for the claim filed. How do i record that
Best answer by Rustler

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

1 reply

Rustler
RustlerAnswer
November 3, 2020

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

K
kjst1
October 4, 2023

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

Rainflurry
Rainflurry
October 5, 2023

@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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