If you want to log it properly, you can't book it neither against expense nor against income.
Say you have received large payment and booked it against income. in this case your net worth has all of a sudden increased, but this is not correct, because you have received it against future or past payments. If you were a company, then you could be made responsible for financial fraud by making your net worth look better than it is So, in my example both paying to fix the damage from your bank account and payment from insurance company go against Assets :AccontsReceivable:Insurance Suppose insurance covers 100% of your damage, then my scheme insures that your net worth does not change even in the case you spent all of your cash to repair for damage initially (this is because you know you will be reimbursed) On Friday, June 21, 2024 at 3:31:49 PM UTC+2 Brian Lalor wrote: > Hm, that’s interesting. After starting this thread I thought maybe I’d > just book it against Expenses:Home:Repair, but looking at expenses > incurred, there are things like lodging and repairs/replacement of > non-structural items (like, say, books damaged by water) that are separate > from the repair costs to the house. Should the insurance reimbursement be > booked against some kind of Income category? It’s not really income in the > salary sense, but that is sort of the path of ingress for “new money”. > > — > Brian Lalor (he/him) > [email protected] > > On Jun 21, 2024, at 9:23 AM, Chary Chary <[email protected]> wrote: > > I think it has to go either against accounts payable or accounts > receivable depending whether you get payment before or after you paid for > damage > > Like this: > > > 2020-01-18 * "Fixing house water damage from personal money" > Assets:Checking -1000.00 USD > Assets:AccontsReceivable:Insurance 1000.00 USD ; We know we will > get this money back from insurance company > > 2020-02-19 * "Getting payment from insurance companyone month later" > Assets:Checking 1000.00 USD > Assets:AccontsReceivable:Insurance -1000.00 USD > > > On Friday, June 21, 2024 at 2:12:15 PM UTC+2 Brian Lalor wrote: > >> What’s a good way to book reimbursement for an insurance claim? It’s not >> really income, but booking against the category that the premium is paid >> from doesn’t feel right, either (especially as the reimbursement in this >> case exceeds the amount spent on the premium for the previous year). >> >> — >> Brian Lalor (he/him) >> [email protected] >> >> > -- > You received this message because you are subscribed to the Google Groups > "Beancount" group. > To unsubscribe from this group and stop receiving emails from it, send an > email to [email protected]. > To view this discussion on the web visit > https://groups.google.com/d/msgid/beancount/181851ef-91fc-40c3-965d-b8dca382a70dn%40googlegroups.com > > <https://groups.google.com/d/msgid/beancount/181851ef-91fc-40c3-965d-b8dca382a70dn%40googlegroups.com?utm_medium=email&utm_source=footer> > . > > > -- You received this message because you are subscribed to the Google Groups "Beancount" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To view this discussion on the web visit https://groups.google.com/d/msgid/beancount/b732cc61-e61b-4d06-ad68-ed99483f3c25n%40googlegroups.com.
