Have a Finance Question? Ask a Financial Expert Online.
Thank you for your question, and thanks for using JustAnswer.com
If you had expensed the cost of medical care, you would credit the expense account for the amount of the reimbursement
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
lol, what if I did neither ?
Create a medical receivable acct
That's the only two ways to properly record insurance reimbursement.
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
or accounts payable, depending on when you plan on paying the bill
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.
Do you have any further questions about this?
If you have no further questions, please rate as excellent so that I may receive credit for assisting you today
sorry, stepped out.
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
So you will debit cash and credit medical expense
If I deposit debit my checking account and CR medical expenses.
That is correct
Is there anything else that I can assist you with today?
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