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Former Member
Oct 16, 2009 at 05:05 AM

how to account Insurance amount in the project



we had got one project which it was exceuting, but at time of end of the project fire accident as been happened so there is an damage in the material is happened so that we want to claim the insurance amount after that we can purchase the material & we want to complete the project. My doubt is in order to replace the damage materials we want a budget for the project & what ever the material is sent for project can we take a revenue for this project, if we take a revenue it will come sit in the recivables of the customer but customer will not pay the insurance amopunt, the insurance company will pay it. As per me we cannot take the revenue twice for a single material or customer will not pay twice the amount for the single materila. can anybody please conclue a solution how to do it.

Thanks & Regards

Raman T S