How to categorize insurance claim payments?

Peripety

After some wind damage to our roof, we are getting it replaced. The $13k from the insurance company came into my account and then I wrote the check for the roofers and it quickly went out. How do I categorize this transaction? There doesn’t seem to be a category for this kind of money which isn’t “personal income” or a part of my normal income/spending. Right now it’s sitting in “uncategorized” but I wish there was a better place to put it.

DannyB

You could categorize under the same category you used for.the repair expense. That way it won't show up as personal income and it will offset.the expense.

You could simply mark both the insurance payment and the expense as excluded form at least your spending plan but probably both your Spending Plan and Reports.

I would go with the second suggestion since this is a "wash" as far as your actual income and expenses. You are the go between and this doesn't really impact your actual budget.

Peripety

Thanks Danny! Since the money to repair the roof is all from insurance and nothing at all from our household budget, I’ll probably go with the “exclude” plan. I didn’t think about that, but it makes the most sense.