Insurance payments for damage to property?

Our church has recently suffered severe water damage and we are starting to receive insurance checks to help offset the costs of the repairs.

How do I track that for accounting purposes?

Do I designate the money to a fund? If I designate the funds what if all the funds aren't needed for the repairs?

Comments for Insurance payments for damage to property?

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Mar 04, 2018

Insurance payments for damage to property?
by: Anonymous - MN

I would log the deposits against the expense line item. That way the insurance payments will not appear as income on your reports and the actual expense of your repairs will show in that expense line item.

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If you want to DIY your payroll, I highly recommend you look at using Gusto! It is very user friendly and their support is awesome! Plus they know how to set up and maintain payrolls for churches and nonprofit organizations.

Note: I am a "partner" of Gusto, but as I have told you before ... I never recommend anything that we or our clients have not tried and love =)

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