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?
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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I'd like to know the answer to this as well, please
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?
No act of kindness, no matter how small, is ever wasted. - Aesop "The Lion and the Mouse"
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