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Thread: Insurance payout

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    Insurance payout

    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?

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    Site Caretaker Dave A's Avatar
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    Quote Originally Posted by Mari-Rose View Post
    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.

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    Platinum Member SilverNodashi's Avatar
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    I'd like to know the answer to this as well, please

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    Diamond Member Mike C's Avatar
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    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?
    People will forget what you said, people will forget what you did, but people will never forget how you made them feel. - Maya Angelou

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