Should I do a journal for prepaid insurance when I have had to split the expense for Stamp duty and Broker Fees?

Hi there usermytaskmaster,

it's good to know you were able to create an expense account to track the insurance. Also, you can definitely use a journal entry to track prepaid insurance payment. However, to know the balancing accounts to use on the journal, it is best to consult with your accountant before making any changes to your company file. 

First off, let's create an asset account to track the prepaid insurance expense in QuickBooks. Here's how:

1. Click the Transactions tab, then select Chart of Accounts.
2. Select New. Then, choose Asset and select Other Current Asset.
3. Enter the account name (Prepaid Expenses) and other details.
4. Click Save & Close.
    

Then, enter a vendor payment using the Prepaid Expenses account created.

Once done, you can now create a journal entry to allocate six months of the expense. Here's how:

1. Click the Gear icon, then select Recurring transactions.
2. Select New and choose Journal entry.
3. Enter the template name and the recurring type.
4. Then, set up the interval of the recurring.
5. Fill in the necessary information, like the specific accounts and amounts.
6. Click Save and close.

I'm adding this article for more guidance: Create recurring transactions in QuickBooks Online.

Post again in the community if you have other QBO questions or task. I'm around to help you.