General
Insurance Claim Settlement Received
Recording the cash received from an insurance company after a fire or theft loss.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Cash in Bank | Asset (+) | 12,000.00 | - |
| Loss on Asset (Restoration) | Expense (-) | - | 12,000.00 |
💡 Accountant's Note
This entry offsets the loss previously recorded. If the insurance payout is higher than the book value of the lost asset, the difference is 'Gain on Insurance Settlement'.
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