On 2/26/2026 2:37 PM, Jose Fuenzalida wrote:
Hi; my wife has a very small private practice and I have been writing
entries in our checking account and her Business checking without much
detail in them ( the entries ) Everything is into one file ,it is much
easier to see everything in this way.
Recently I tried to help her a bit but I ran into a problem : in order
to enter an income check from insurance company X I tried to enter
more detail because she gets a check for lets say 3 clients ,this 3
clients belong to the same insurance company X but since the have
different
There may be a more basic (accounting) issue. You said she received an
INCOME check from an insurance company. There are special circumstances
where money coming from an insurance company might be "income" but those
would be the exception.
For the moment, go back and describe the transactions (money coming in
from the insurance company and going out to her clients, money coming in
from the insurance company and then going out to clients. Seems to me
that the credit side of the money coming in would more properly be a
temporary liability (owed to clients) which gets cleared (by debiting)
when she sends checks to these clients. The money never "hers" (never
"income"). The potential harm in using an income account to record the
transactions (still would be temporary) is if a P&L type report runs
between the time the money comes i and goes out.
I suspect the income was ALREADY recorded when the clients paid her in
full for the services rendered but are being reimbursed for some of that
by insurance.
Michael D Novack
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