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How you record an insurance settlement in AccountRight will depend on your scenario. In a nutshell, a typical scenario would be:

  • record a Receive Money transaction for receipt of the insurance settlement, and
  • record a Spend Money transaction for repair or replacement of the insured item.

The specifics of these transactions will be determined by factors including:

  • whether the settlement is paid to you or a third party, e.g. a repairer
  • out of pocket expenses, and
  • any GST payable (check the ATO or IRD website for clarification)

When it comes to recording insurance settlement transactions, there's no "one size fits all".

Want to learn more?

We might not be experts in insurance settlements, but our community forum is a great place to connect with business professionals who are happy to share their insights.