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If your business is insured and suffers a loss, then you may receive an insurance payout. For example, a piece of machinery may be stolen from the business, and the business makes an insurance claim on their insurer.

The following examples detail how to account for insurance settlement amounts. Please contact your insurer for specifics regarding your claim.

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Distributing profit and loss

Set up accounts

Tracking financial information

Recording money you spend and receive

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