[Question] Insurance payout

[Mari-Rose]

A clients vehicle was damaged at our company. We claimed from the insurance and received a payout. The damage was repaired by our company. To which account do I capture the insurance payout which was kept in the suspense account in the meantime?

[Dave A]

The damage was repaired by our company.

That's the interesting bit. Is the company a panelbeater?

If the repair is part of the company's ordinary business, I suggest raise an invoice for the repair as normal and pay the invoice from the moneys currently assigned to the suspense account.

[SilverNodashi]

I'd like to know the answer to this as well, please

[Mike C]

If an insurance payout is supposed to replace the money that was spent on replacing a loss, or the repairs in this case, would it not go into the same account that the expenses came out of ... thus balancing the loss?