Customized solution for Insurance claim
1. Create the “Asset Disposal”
- Fixed Assets > Transactions > Asset Disposal
- Select Disposal type is Write-off
- Enter Disposal Date
- Select Asset Name in the footer
- Click on Dispose button on top
2. Update Insurance claim details on Asset Record
- Fixed Assets > Asset List > Asset
- Edit the Asset record
- Click on the Insurance subtab
- Make sure Insurance items and A/R accounts are auto-populated.
- Enable Insurance Claim Check Box
- Select Insurance Company – Any Insurance customer
- Enter Insurance Eligible Amount
- Save
Notes:
1. Asset status should be Disposal
2. Use the Insurance Invoice link to see the Invoice for the Insurance claim.
3. Check the GL impacts of Asset disposal and Insurance claim and net impact on Gain/loss of the Assets
4. Insurance item and Insurance receivable values should be auto-populated for the newly created assets.
5. If you want to adjust the insurance receivable amount to the Payable amount, they have to create the adjustment using the Journal by select the Insurance payable and receivable account on line levels along with name mapping. Becoz of this requirement, we need to enable the Vendor relationship for all insurance vendors/customer masters.
