How to register Insurance refund invoice

[Alberto Dante]

Thanks, good idea
Alberto

On 28/09/2016 11:47, Dave H wrote:
> Alberto,
>
> I have the following expenses setup
>
> Medical Expenses
> Medical Expenses : Refunds     -- Negative Balance
> Medical Expenses : Person 1    -- Positive Balance
> Medical Expenses : Person 2    -- Positive Balance
> Medical Expenses : Person 3    -- Positive Balance
>
> When I pay for medical expenses, the refund is usually deducted at 
> time of service and payment as follows :-
>
>   Tot Expense    Tot Rebate
> Consultation Fee       - Expenses : Medical Expenses : Person 1       
>                                $61.50
> Credit Card Payment - Liabilities : Credit Card            $20.90
> Health Fund Refund   - Expenses : Medical Expenses : Refunds     $40.60
>
> If the refund is paid later which sometimes happen (your situation) I 
> do the following :-
>   Tot Expense    Tot Rebate
> Bank Account Refund Payment        - Assets : Current Assets : Cheque 
> Account               $76.50
> Balancing Expense Account Posting - Expenses : Medical Expenses : 
> Refunds                                    $76.50
>
> Works for me anyway :-)
>
> Hope this helps,
>
> Cheers Dave H.
>
>
> On 28 September 2016 at 19:22, Alberto Dante <alberto.dante at gmail.com 
> <mailto:alberto.dante at gmail.com>> wrote:
>
>     I'm individual with small business, and I need to manage both.
>     So, should I register the insurance refund transaction as following:
>
>     Assets:Current Assets:Checking Account:Bank Account
>     Expenses:Medical Expenses:Insurances Refunds
>
>     with negative values in Expense account?
>     Thanks, Alberto
>
>     On 28/09/2016 02:48, David Carlson wrote:
>
>         If you are an individual asking about recording details of
>         claim payments made to you, I think that you should not use
>         any business features.  I would not call them refunds,
>         however, even if they are to reimburse some of your expenses
>         arising from a loss.
>
>         If you want to track losses and reimbursements to see if you
>         have a net loss that may qualify for tax purposes you might
>         set up a special expense account to collect all that data.
>
>         Conversely, if you are an insurance company, you probably want
>         to use a more sophisticated program than GnuCash.
>
>         David C
>
>         On Tue, Sep 27, 2016 at 9:59 AM, Alberto Dante
>         <alberto.dante at gmail.com <mailto:alberto.dante at gmail.com>
>         <mailto:alberto.dante at gmail.com
>         <mailto:alberto.dante at gmail.com>>> wrote:
>
>             Hi,
>             I need to register some Insurance refund invoices (eg. health
>             expenses, car/home damages, ...).
>             The insurance companies pay the refund to my bank account
>         and send
>             to me a detailed invoice of the payment.
>             Which is the correct way to register the insurance company
>             (business features)? Supplier or customer? And the invoice?
>             Without using business features, the following accounts
>         should be
>             involved (I think):
>
>             Assets:Current Assets:Checking Account:Bank Account
>             Income:Insurances refund
>
>             What about in case of business features?
>             Where I can find some examples?
>             Thanks, best regards
>             Alberto
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