How to record insurance proceeds

Hello userolenashkalkova,

I appreciate how recording proceeds from an insurance claim might not be straight forward when using QuickBooks Online. Many transactions you'll come across, such as customer or supplier transactions, have built-in, clear-cut features to account for what you need. When it comes to insurance proceeds, however, you'll perhaps want to consider a different approach. I'll help you with this.

When you're recording money into your books that isn't necessarily from a customer or a return from a supplier, there are other features in QuickBooks Online that can help you out, such as recording a bank deposit or using a journal entry. Knowing which to use is key to accurately accounting for these figures in your books, and that's where an accountant comes in.

An accountant will be able to collect the finer details of your situation to determine if there's a specific way that you need to record your insurance proceeds in QuickBooks Online. The My Accountant tab helps you work with an accountant in two ways: by providing the option to invite your accountant as a user to your books and by providing the Find a pro to help button for if you don't already have someone you're working with.

Having an accountant on your side when you're running a business is a great asset that I encourage you to consider.

I hope you enjoy the rest of your day. :)