Help! Where to post chq received for insurance claim

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:28AM in AAT student discussion
Hi<BR><BR>Can anyone tell me where (what category) I should enter a cheque for an Insurance claim that we (my company) have received?<BR><BR>I'm not sure, I don't think it would be right to post it to the insurance expense account, maybe 'other income received'? What would you do? <BR> <BR> <BR>

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    Help! Where to post chq received for insurance claim

    You should have, if it was a claim on stock, credited the purchases account and opened an Insurance Claims account and debited that.<BR>Once you have recieved the money you then credit the Insurance account and debit the bank account with amount recieved, thus closing insurance claims account.<BR>Pretty sure I'm right.

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