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Created by AgExpert Support
Created on May 25, 2016

Disqus Agexpert Accounting Questions Archive

Hi,
Made our first crop insurance claim last year and rec'd a chq from them. How do I record this?
Is it simply a deposit and income? But under insurance proceeds or insurance payments?
thanks

  • ADMIN RESPONSE
    Feb 10, 2025

    Hi Don & Anna,

    It would be entered a deposit to your bank, type income (provided your accountant is okay with this). I think it would be better to create a separate detail or sub-account called crop insurance (and then the name of the insurer). I hope that helps!

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