Search archives for "trust accounts" On Wed, 12 Feb 2020, 7:34 am Fran_3 via gnucash-user, < gnucash-user@gnucash.org> wrote:
> In the case at hand...The initial expanse was medical billed and billed > to the patient.The insurance company sent the money for the medical bill to > the patient.The patient aid the medical provider. > So we have 3 transactions to record...1- The Medical Bill charged to AP & > Med Exp2 - The Ins reimbursement charged to ?? & ??3 - The Bill Pmt charged > to AP & Checking > or what? > Thanks for any help. > > On Tuesday, February 11, 2020, 05:38:10 PM EST, Michael or Penny > Novack <stepbystepf...@comcast.net> wrote: > > On 2/11/2020 11:47 AM, Fran_3 via gnucash-user wrote: > > When an insurance claim occurs the insurance pays us and we pay the > vendor. > > How to we charge the deposit from the insurance company and the payment > to the vendor? > > I considered setting up an Expense Account named Insurance Transactions > or Insured Events or whatever... > > Then allocating the insurance payment to that "Expense" account > > and then allocating the vendor payment to the same "Expense" account > > Or would you suggest just using the Insurance Payments Account where you > record payments for the policy? > > How would you guys handle such an instance? > > Thanks for any help. > > This is an accounting question, not a gnucash question, and to really > know how to answer your question would need to know what conditions (or > lack of conditions) were attached to the payment from the insurance > company. > > I'll perhaps need to give an example? In 2006 we had a house fire, and > our insurance had "replacement" coverage. So each covered thing (or > category) had TWO amounts associated with it. One amount was for the > current depreciated value assigned, the other (far higher) was if we > were choosing to replace. For what we opted to replace, they would give > us the higher amount but we had to later submit proof/receipts that we > had made the replacement purchase. For what we accepted the depreciated > value, no conditions attached to the money. > > And let me back off a bit. How did you do the accounting for the loss > for which this insurance payment is made? > > Michael D Novack > > > > _______________________________________________ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > If you are using Nabble or Gmane, please see > https://wiki.gnucash.org/wiki/Mailing_Lists for more information. > ----- > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. > > _______________________________________________ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > If you are using Nabble or Gmane, please see > https://wiki.gnucash.org/wiki/Mailing_Lists for more information. > ----- > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. > _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
