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feparaschuk
January 25, 2020
Question

How do I set -up a Payment received for a insurance claim?

  • January 25, 2020
  • 2 replies
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    2 replies

    R
    Rasa-LilaM
    January 25, 2020

    Glad to see you here in the Community, feparaschuk.


    To record the payment, let’s create an account to track the entry and then make a deposit. The steps are easy to follow.


    Here’s how: 

     

    1. Tap the Accounting menu on the left panel and select Chart of Accounts to open the All Lists page.
    2. Press the New menu in the upper right to access the Account window.
    3. From there, choose the account you want to use by clicking the Account Type drop-down.
    4. Then, choose the correct category in the Detail Type drop-down.
    5. Enter a term that will identify the account in the Name field.
    6. Fill in the remaining field boxes.
    7. Hit the Save and Close button.

    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. This is to ensure the transaction is properly categorized.


    To deposit:

     

    1. Click the New menu in the upper left and choose Bank Deposit under the Other section.
    2. On the Bank Deposit page, go to the Add funds to this deposit section to input the entry.
    3. In the Received from column, choose the appropriate recipient and then enter the account previously created in the Account field.
    4. Type in the amount and fill in the remaining field boxes.
    5. Once done, press the Save and close button.

    For future reference, I’m adding a link where you’ll find resources that wil help grow and manage your business: QuickBooks.


    Stay in touch if you need any assistance while working in QuickBooks. Please know I’m here to help you. Enjoy the rest of the day. 

      F
      fjgkgkgk
      February 3, 2021

      Stop with the canned answer and answer the question.  Sick and tired of you people saying "talk to an accountant"  You know the answer, so give it.  If you have to have that disclaimer, then add it at the end.   Words cannot express how much I dislike your product, your company, and employees that work for Intuit.

       

      This is hands down the biggest nanny company I have ever run across.

        Rustler
        Rustler
        January 25, 2020

        How do I set -up a Payment received for a insurance claim?

         

        Deposit the payment and use Other Income as the source account for the deposit

         

        You expensed, or should have, the damages.  The other income entry will be offset by those expenses on the P&L

          B
          BlinkBookkeeping
          December 1, 2020

          Is there a way to attach that insurance claim "other income" to a job? My new client has QBO but does not have his jobs currently set up as subcustomers. I will be working on getting a better job costing system going for him, but at the moment, he has been using classes for his jobs and does not have estimates in the system yet.

          He received an insurance claim on one of his jobs and would like to attribute that "other income" to that job. Is there a way to show that?

          C
          CharleneMaeF
          December 1, 2020

          Yes, there is, BlinkBookkeeping.

           

          I'm here to help you link the Other Income account to a job.

           

          Here's how:

          1. Go to the + New icon.
          2. Select Bank deposit.
          3. On the Bank Deposit page, go to the Add funds to this deposit section to input the entry.
          4. Under the Account column, select the Other Income account.
          5. On the Class section, choose the class the insurance claim will be linked.
          6. Enter the other necessary details.
          7. Once done, click on Save and close.

           

          For more information about class tracking, I suggest browsing this article: Class Tracking Overview.

           

          Additionally, I've included an article that'll help you check sales, expenses, or profitability by business segment: Run Reports by Class.

           

          Get in touch with us if you have other QuickBooks related concerns. This way, we'll be able to assist you.

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