I have a small online business, I have shipping insurance and last year one of my shipments went missing. My insurance provider paid out to me, I am trying to figure out how to show that on my schedule C- put it in Other income or if I just add it to my sales.
If it helps, I replaced the client's merchandise and issued a new invoice for the replacement shipment (had to to get my inventory correct). I use a cash basis so my coded deposits must match my sales so I think I count the insurance company check received as sales.
Can anyone confirm?
If it helps, I replaced the client's merchandise and issued a new invoice for the replacement shipment (had to to get my inventory correct). I use a cash basis so my coded deposits must match my sales so I think I count the insurance company check received as sales.
Can anyone confirm?