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info414
August 29, 2019
Question

I entered a garage bill as a credit last week. I have now recd part payment from an insurance company. How do I enter please?

  • August 29, 2019
  • 4 replies
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4 replies

Rustler
Rustler
August 29, 2019

A garage bill would be an expense

then you deposit the insurance check and use the same expense account as the source account for the deposit

 

the deposit will offset (lower) the total amount of the expense

TaliaI
August 29, 2019

Hello info414,

 

To confirm, you have entered the garage bill as money coming in, or as a supplier credit?

 

Thanks,

 

Talia

info414Author
August 29, 2019

I entered the garage bill as an expense as we have paid it.

The Insurance Company have now paid us a part cheque towards the bill and I need to know how to enter this credit.

Rustler
Rustler
August 29, 2019

you receive payment, so deposit it and use the same expense account as the source account for the deposit - that will result in a credit to the expense account lowering the total amount of expense

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