Thank you for explaining this. I am a newb and have a few follow up questions. Here is the situation: I received an insurance claim check for damage to a property. The insurance claim check is more than the amount paid to repair the damages.
1. How/where do I categorize the deductible paid?
2. How/where do I categorize the claim check?
3. When payments are made for the repair, what is the entry for that?
4. How/where do I categorize the excess funds from the insurance claim check?
You’re help is much appreciated and thank you so much!
