How to enter insurance claims?
Wouter van Marle
wouter at squirrel-systems.com
Fri Jun 30 10:07:34 EDT 2006
> So if you pay $500 by check to the repair shop and your policy has a $100
> deductible, the transaction would be something like this:
> Debit Auto Expense $100
> Debit Accounts Receivable Insurance Claims $400
> Credit Checking $500
> When the check from the insurance company arrives:
> Debit Checking $400
> Credit Accounts Receivable Insurance Claims $400
You mix up debit and credit.
Credit adds, debit deducts.
But then I'm happy GnuCash doesn't use them as I always have to think
what is what... maybe best to indeed just avoid using them.
> Dale Alspach
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