I had $800 come in from a GIECO claim last year because I got in a car accident and there was a settlement for medical bills and pain and suffering.
How would I categorize this income? Is it separate from the business or related since it impacted my work?
What would be the name of this type of account?
This is income. You could call the category miscellaneous income, other income, settlement income, or insurance settlement income. I do not know all of the specifics but it is probably personal income.
If this was me, and I did have actual medical bills, I would categorize it as medical to offset what I paid out of pocket.