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T
theguy_786
September 10, 2023
Question

Accounting entry for money received from court settlement

  • September 10, 2023
  • 1 reply
  • 0 views

Hello Community,

 

I work for a business which has recently been awarded a settlement package as part of court settlement. What would be the accounting entry to record the money already received?

 

Thanks

1 reply

N
Nana17
November 10, 2023

You can show the deposit to the bank and credit misc income or something that will flag your accountant at year end to deal with it. Provide the documents for the transaction to your accountant.

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