USA Funds from Profit Sharing Class Action


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Aug 9, 2017
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Our business had a Profit Sharing Plan which terminated in 2019. We submitted paperwork for class actions before the plan terminated. We received a check last year from one of those class actions. The check was made payable to the PSP. The bank deposited the check into our business account for us. I have printed checks to the two owners of the business. How would you account for the deposit of the check? How would you code the checks to the owners? This check was under $200. It is possible that more checks will arrive over time so I need to come up with a plan for handling these.
 
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