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I recently received a check from our insurance company to cover damages to the church. How do I properly account for this income?

If I were to create a 'significant' income account for these type of deposits what should it be called?

If it were for damages incurred to a building, would there be a need to credit an asset account? Or would it be best to just debit-checking credit-income?

I hope to get an answer soon due to a church board meeting...

RLM wrote:I recently received a check from our insurance company to cover damages to the church. How do I properly account for this income?

If I were to create a 'significant' income account for these type of deposits what should it be called?

If it were for damages incurred to a building, would there be a need to credit an asset account? Or would it be best to just debit-checking credit-income?

I hope to get an answer soon due to a church board meeting...

Just a quick question that may help others figure this out:

Is this a reimbursement for repairs, or a payment so that repairs can be made ??

This is a payment so that repairs can be made.

I have already made the following transaction:

01-1110-000 GEN CHKG $.xx - debit
01-1410-000 Insurance Claims $.xx - credit

I hope that I was correct in this, if not, how do I make it right?

RLM wrote:This is a payment so that repairs can be made.

I have already made the following transaction:

01-1110-000 GEN CHKG $.xx - debit
01-1410-000 Insurance Claims $.xx - credit

I hope that I was correct in this, if not, how do I make it right?

Here's another thread that talked about insurance payments:

http://www.powerchurch.com/forum/viewtopic.php?t=1768