On 2/11/2020 11:47 AM, Fran_3 via gnucash-user wrote:
When an insurance claim occurs the insurance pays us and we pay the vendor. How to we charge the deposit from the insurance company and the payment to the vendor? I considered setting up an Expense Account named Insurance Transactions or Insured Events or whatever... Then allocating the insurance payment to that "Expense" account and then allocating the vendor payment to the same "Expense" account Or would you suggest just using the Insurance Payments Account where you record payments for the policy? How would you guys handle such an instance? Thanks for any help.
This is an accounting question, not a gnucash question, and to really know how to answer your question would need to know what conditions (or lack of conditions) were attached to the payment from the insurance company.
I'll perhaps need to give an example? In 2006 we had a house fire, and our insurance had "replacement" coverage. So each covered thing (or category) had TWO amounts associated with it. One amount was for the current depreciated value assigned, the other (far higher) was if we were choosing to replace. For what we opted to replace, they would give us the higher amount but we had to later submit proof/receipts that we had made the replacement purchase. For what we accepted the depreciated value, no conditions attached to the money.
And let me back off a bit. How did you do the accounting for the loss for which this insurance payment is made?
Michael D Novack _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
