How to record check recieved from insurance co. for flood damage?

Question

Using Quickbooks (or other acct software) how should you record a payment from an insurance company for flood damage? Income acct? Other Income acct? Something else?

Answer 1

It should probably be recorded as 'Other Income' to separate it from normal income streams. I would recommend creating a new account in your COA named something like Insurance Claim Adjustment or something similar.

Answer 2

Enter it as Reimbursement.

Answer 3

I use "Other Income" in Quicken.