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General Accounting Discussions: How do I account for restitution payment?

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    • CommentAuthorbam808
    • CommentTimeOct 15th 2009
     
    A terminated employee has agreed to pay back my company for theft instead of having the police involved. He agreed to make installments of $200.00 per month for the next 12 months. What is the correct accounting entries for this? Should I create a receivable for this in the amount of $2400.00 and credit the revenue account that the theft had impacted? Than apply the monthly payments accordingly to clear the receivable?
    Thankful People: gstan69, katy, asimp012

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