Insurance claim processing
Hi We had tools stolen from our workshop to the value of $24,000 We placed a claim and were given a payment to cover the tools by our insurer, which I coded to : "4-8000 Insurance Recoveries." ...
Forum Discussion
Hi jsweld
Thank you for your post. As we're not accountants we're not permitted to advise which accounts or codes should be used when recording transactions. I would recommend speaking to your accountant to ensure purchase of new tools is reported and recorded correctly.
However , I'll give you this Help Article , Accounts list , which you may find useful.
Please feel free to post again , I'll be happy to assist.
If my response has answered your enquiry please click " Accept as Solution" to assist other users find this information.
Cheers,
Princess
