How to enter insurance claims?
Roland Roberts
roland at astrofoto.org
Fri Jun 30 09:07:51 EDT 2006
>>>>> "Beth" == Beth Leonard <beth at oasis.slimy.com> writes:
Beth> On Thu, Jun 29, 2006 at 10:25:04PM -0400, Roland Roberts wrote:
>> We recently filed a claim with our auto insurance company and
>> received a payment. Now I'm trying to figure out how to enter
>> than item.
>>
>> Since the money is going straight into the car repairs, I thought
>> of just entering it as a "reimbursement" for automobile repairs,
>> but I'm not sure where the other half of the transaction should
>> come from. How do others enter this sort of thing?
Beth> When you say "straight into car repairs" do you mean that they
Beth> paid the shop directly? Or that the amount they gave you
Beth> equals the amount you paid the repair shop? For case 1, you
Beth> almost don't need to bother recording anything in gnucash
Beth> because "real money" never touched your bank account, although
Beth> if you want your "expenses: car repairs" account to reflect
Beth> the dollars spent on fixing your car, you can transfer the
Beth> money:
In my case, it was a check to me, then into car repairs.
Beth> From: Income:Insurance payments
Beth> To: Expenses:car repairs.
Beth> For case 2, where you paid the shop and the insurance company
Beth> reimbursed you, you make two transactions:
Beth> From: Assets:Bank Account (or Liabilities:Credit Card, etc.)
Beth> To: Expenses:Car Repairs
Beth> From: Income:Insurance payments
Beth> To: Assets:Bank Account
The biggest item here is that I probably need a new income category for
the insurance payment.
[...]
Thanks for the long, careful explanation of how I can account of it.
With small items, I often do record them as reimbursements which offset
the original expense, but that never seemed quite right.
regards,
roland
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Roland B. Roberts, PhD RL Enterprises
roland at rlenter.com 6818 Madeline Court
roland at astrofoto.org Brooklyn, NY 11220
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