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Sarah193
December 26, 2023
Question

Tracking vendor insurance coverage in QB online

  • December 26, 2023
  • 1 reply
  • 0 views

Has anyone figured out a way to track the expiration dates for vendors' insurance policies? As a contractor, we are required to make sure our vendors have general liability and workers comp coverage and in desktop we had date fields as part of the vendor profile to use for tracking. QB Online has no such capability so I am hoping someone has figured out a work-around! Thank you!

1 reply

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IrizA
December 26, 2023

I've got a workaround to share for you to track the dates of your vendor insurance policies, Sarah193. 

 

Tracking the expiration dates in QuickBooks Online (QBO) for vendor's insurance policies is currently unavailable. Alternatively, you can track it by manually entering the details in the Checks or Expense transaction. And then within the Category details, you'll have to select an expense account.

 

Here's how: 

 

  1. Go to the +New option located on your upper left-hand. 
  2. Under the Vendors column, choose Expense or Check.
  3. Fill out the necessary fields such as the Payee, Payment account, Payment Date, and Payment Method. 
  4. In the Category field located within the Category details, you'll have to choose an expense account. 
  5. After doing this, enter the Amount field. Then press Save and Close. 

 

Furthermore, you may also want to learn more about how to create a purchase order if you're able to follow the steps above. 

 

If you have further questions regarding vendor insurance, please enter your concerns below for us to know. 

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DennistheBuilder
February 23, 2024

I was just upgraded to Quickbooks Online Advanced, and I was told the insurance expiration date problem with vendors was fixed.  I cannot find anything in the vendor record that makes me think it has been.  This is a HUGE problem for building contractors.  Failure to keep up with this information and keep it current can result in bankruptcy fast for a construction firm.  What are you guys doing?  I'm beginning to think I need to find some other software solution.

    S
    Sarah193Author
    March 4, 2024

    We have the same problem - it is a huge issue for builders. Here's the work-around we came up with:

    1. We created an expense account called "COI"

    2. We created a new non-inventory "Product & Service" called "COI" and linked it to the "COI" expense account

    3. We need to track general liability and worker's comp, so for each vendor who we need to track insurance, we created two "Purchase Orders" - we used the "PO Number" field and labelled one "Gen Liab" and one "Workers Comp". We dated the PO the date of the vendor's policy expiration and linked it to the "COI" Product & Service item and gave it a zero $ value. 

    It's not perfect and certainly not as easy as in desktop, but at least now we can run a report for "Open Purchase Order Details" and see when our vendor's policies are expiring - when we get a new COI, we update the PO date to the new expiration date.

    Also, we don't use "Terms" for most of our vendors, so we created a "Term" called "On-Site" to use to designate which vendors we need to track insurance (for us, our insurance company requires that we have a COI for any vendors who are on our job sites). In desktop, we were able to use the "Vendor Type" field, but as you know, QBO is terrible for builders and took away so much functionality that was available in desktop.

    I hope this helps and please let me know if you need clarification of any steps. I hope you find this helpful too.

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