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Tek3
June 18, 2022
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Insurance Payment

  • June 18, 2022
  • 1 reply
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Hello!  I am new to Quickbooks and trying to learn it in the past few days.  I am working to a local insurance broker.  I need help on how to categorize different items from their bank statements.  Under the deposit column, checks has been deposited electronically.  Written as, "From Capital Premium, bunch of numbers (it could be the policy#) INS.PMT Company Name or Individual Name and the amount.  The amount deposited are around 30-thousands of dollars.  What would be the proper way to categorize these entries? 

Best answer by Pete_Mc

No one here is probably going to have the correct answer for you not really knowing what the company or purpose of the Deposit was.  I'm going to *assume* this was someone paying their premium on their Insurance Policy, but there is really no way to be sure at our end.

 

I'd suggest talking to the principals in the company to find out exactly what this Deposit was and how to categorize it.

 

At some point you probably also should sit down with their CPA to make sure you fully understand how they want things categorized.  Then at tax time you will not be making multiple corrections because they were entered incorrectly.

1 reply

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Pete_McAnswer
July 5, 2022

No one here is probably going to have the correct answer for you not really knowing what the company or purpose of the Deposit was.  I'm going to *assume* this was someone paying their premium on their Insurance Policy, but there is really no way to be sure at our end.

 

I'd suggest talking to the principals in the company to find out exactly what this Deposit was and how to categorize it.

 

At some point you probably also should sit down with their CPA to make sure you fully understand how they want things categorized.  Then at tax time you will not be making multiple corrections because they were entered incorrectly.

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