Insurance Claim Check

How to post an insurance claim check which was received in payment of property loss without it showing up as income?

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Insurance Reimbursements for Property Damages

by Sue
(PA)

I work for a small municipal authority. We do fund accounting. Received two checks for storm damage on property from insurance. One was for tree removal and the other was for repairs to the building the tree fell on.

Don't know how to categorize. The only revenue category I have that it would fit in would be under Misc. Revenue but I don't think that is correct. If I create another category what would I call it? Also when I pay out for the repairs and tree removal I'm not sure how to categorize that either.

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Partnership Life Insurance

by David Hying
(York, Nebraska)

What is the proper entry for life insurance premiums paid by an LLC for each partner (2). LLC is the owner of two policies, one on each partner and the LLC is the beneficiary. Can any part be expensed or does the entire premium have to come out of the LLC equity?

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