How To Post Insurance Claim Check In Quickbooks
A client called me today to ask how to post a refund on their city utility account resulting from an overpayment of a prior water bill.
How to post insurance claim check in quickbooks. This depends on the exact asset s that were destroyed in the fire and to what extent they were covered. What is the journal entry for the claim recovered from fire insurance. Step 1 record a deposit for the vendor s refund. Turns out that fry s advertising was a bit confusing and i ended up with the annual subscription not the 3 year version.
Vendor or insurance check refund deposit qbo. Since every business has a different structure i recommend consulting with an account of the specific account to use in tracking the insurance claim payment. The money received from an insurance company for a claim involving a loss on inventory stock is debited to cash. Any other proceeds from disposing of the inventory items will also be debited to cash.
I recorded the waterline as a capital improvement fixed asset in quickbooks and the sidewalk as a repair. Let s get some insight into where you should deposit the insurance payment. Debit loss on insurance settlement. This will offset the expenses that were paid through other funds which should have been posted in qb when the transactions occurred.
Vendor or insurance check refund got you puzzled. Congrats on making your first post here in the community landlord1. It is one of those transactions that happens infrequently so it can really trip up a qbo quickbooks online user. For example if you received a check from the insurance.
Let s take three examples. All this took place in october. My quickbooks licenses expired qb 2017 the three year obeisance that must be paid to intuit. In addition the inventory account is credited for the carrying cost of the inventory items whic.
After procrastinating for a bit i went out and purchased a new downloaded copy of qb2020. This usually happens when net book value of the property book value minus accumulated depreciation is more than the amount reimbursed. 1 let s say a storeroom and its contents valued at 60 000 were destroyed by fire. If this is the case record the entries as.
Sometimes the insurance company will pay you less than the amount you paid. Insurance proceed on damaged property. Post it to repairs and equipment as the insurance check was allocated. The deposit from the insurance company should be deposited into your bank account.
I had to add a picture of fall leaves. Here is a link to another vendor post from my blog. If there is no existing credit open in quickbooks to which to apply the vendor s refund check then here are the steps you want to take.
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