How to Receipt Insurance Claims

This article will provide a guide on how to receipt funds into a property received from an insurance company for an insurance claim. 

Create Insurance Claim Funds Receipt

To receipt insurance claim funds, go to:

• Accounts Receivable > Receipts
• Select search method as Property and select the property the insurance claim funds are for
• Select the MISC (Miscellaneous Property Income) Debtor Lease. If you do not have a MISC lease available to select against this property, create a MISC lease.
• Enter the Direct Deposit Name
• Enter the Receipt Date and @Bank date
• Enter the amount shown on the bank statement
• Click on Add Credit / Sundry Receipts
• Select your account code e.g. Insurance Claims account code. This could be Owner Income, Variable Outgoings Income or Directly Recoverable Income depending on the context of the insurance claim.
• Enter a description e.g. Insurance Claim Funds For Broken Window
• Select Tax Status as GST FREE
• Tick Sundry Receipt
• Enter the amount
• Click Add
• Click Process Receipt

Once these funds have been receipted, the funds will be available in the property bank balance.

To use these funds to pay the supplier who performed the insurance work, refer to the article: Enter Accounts Payable Invoice for Insurance Claim Damage Repairs