How to record extraordinary items in Quickbooks Business Incorporated?
We use Quickbooks Business Accountant 2010.
We have to enter several items following some fire losses. We had a building that has been 30% destroyed by fire and then we found asbestos in it. Government regulations forced us to remove all asbestos which led to demolishing 95% of the building. So, we lost all equipment within the building and the building itself. Asbestos decontamination has been paid from our insurance proceeds to the point that there are insufficient funds to reconstruct the building. The insurance paid us the equipment loss save the deductible which made us realize a loss for the content too.
How do we record all these aspects in Quickbooks?