We claimed against landlord for roof leakage. We claimed an insurance against it. We recieved the insurance amount. Can you please let me know where am I suppose to record this? In payments, Customers, suppliers etc....I hopw you understand what I mean....
Hello Pallav,
I would create a new expense account called 'Loss Due To Property Damage'. When you pay to fix the roof allocate to this account, and when you receive your insurance payout record this as Money Received with the From Account set to 'Loss Due To Property Damage'.
Regards,
