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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 15588
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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What type of account should insurance reimbursement checks

Resolved Question:

What type of account should insurance reimbursement checks be posted to ?
Submitted: 1 year ago.
Category: Finance
Expert:  Megan C replied 1 year ago.

Megan C :

Thank you for your question, and thanks for using JustAnswer.com

Megan C :

If you had expensed the cost of medical care, you would credit the expense account for the amount of the reimbursement

Megan C :

If you created a receivable (you knew the reimbursement was coming and did not expense the cost) then you would credit the receivable account created

Customer:

lol, what if I did neither ?

Customer:

Create a medical receivable acct

Megan C :

That's the only two ways to properly record insurance reimbursement.

Megan C :

So when you pay out medical expenses you will debit receivables for the expected reimbursement, and debit expense for your portion of the expense and credit cash

Megan C :

or accounts payable, depending on when you plan on paying the bill

Megan C :

Then, when you receive the check for reimbursement you will debit cash and credit receivable, or credit expense if you did not create a receivable.

Megan C :

Do you have any further questions about this?

Megan C :

If you have no further questions, please rate as excellent so that I may receive credit for assisting you today

Customer:

sorry, stepped out.

Customer:

This is not from a previous bill. When I go to the doctor we receive a supplement check but it is not associated with a previously paid bill

Megan C :

So you will debit cash and credit medical expense

Customer:

If I deposit debit my checking account and CR medical expenses.

Megan C :

That is correct

Megan C :

Is there anything else that I can assist you with today?

Megan C :

If there's nothing else I can assist you with today, Please rate as "excellent" so that I may receive credit for assisting you today

Customer:

thank you.

Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 15588
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Megan C and 2 other Finance Specialists are ready to help you
Expert:  Megan C replied 1 year ago.
Thanks for your positive rating. Please come back and see me any time you have a tax, finance, or social security question. It was a pleasure working with you today.

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