Logistics
Freight Claim Subrogation
Recording the recovery of a damage claim from a sub-contractor's insurance company.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Cash / Insurance Receivable | Asset (+) | 1,000.00 | - |
| Claim Settlement Income (or Loss Offset) | Revenue/Expense (-) | - | 1,000.00 |
💡 Accountant's Note
If your sub-contractor damages goods, you pay your client first (Expense) and then 'subrogate' (reclaim) the money from the sub-contractor's insurance.
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