WHAT IS THE TEXTBOOK WAY TO PROCESS INSURANCE CLAIMS?
Hi, because of water damage, lights in the display windows had to be replaced. We claimed the disbursement under our insurance.
Below are the details of the transactions as they occurred, followed by the list of relevant accounts available in our accounting system.
What is the TEXTBOOK WAY to post the journals for those transactions using the accounts available, please and thank you. Everyone has got slightly different ideas at the office.
Please note that none of the months of May, June and July are closed yet, so I won't need any additional transaction journals to enter the transactions.
Thanks in advance to those who will give it a go at answering my question. 🙏
DETAILS OF TRANSACTIONS
- In MAY we receive the invoice for the work done: $ 3,738.82 ex GST
- In JUNE we paid the bill to the electrician who carried out the work
- In JULY we received the refund for the amount spent MINUS EXCESS of $ 500 (ie. we receive a refund for $ 3,238.82)
RELEVANT AVAILABLE ACCOUNTS
- [OTHER CURRENT ASSETS] Insurance Claims
- [OTHER CURRENT LIABILITY] Insurance Works
- [EXPENSE] Repairs and Maintenance
- [FIXED ASSETS] Fixtures and Fittings
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