How to post Insurance money received in Zoho Books

How to post Insurance money received in Zoho Books


An insurance has paid us money for damages caused on our property. Rather than have the insurance pay for the exact damage we opted for a lump sum payout. The amount has been paid into our bank account and is shown on the bank feeds. How do we record this payment in Zoho Books. 

Do we create a payment received insurance account and if so what are the settings  "Other Asset", "Income", "Other Income" etc?