How do I account for the insurance money my company received after filing a claim?

Question

I have it temporarily sitting in a holding account and do not know what JE to make for month-end close.

Answer 1

Your going to have to pay it out anyways to have whatever the payment (claim)  is for. Put it in a seperaste account all by itself. most banks do not have a period that you have to have the account open for and you could keep it there for a year with interest. or if you do not want to do that I would put it accountas payable