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Experienced Member
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Insurance settlement

We have received an insurance settlement from our business insurance provider, resulting from our claim in respect of damage to a computer. How do I record this?

Best answer 04-26-2018 12:21 PM

Accepted Solutions
QuickBooks Team

Re: Insurance settlement

Hello there ianpps,

 

I want to help you record the insurance settlement from your insurance provider.

 

To record the settlement in QuickBooks Online, you just need to enter a bank deposit.

 

Here's how:

 

1. Click the Plus sign.

2. Under Other, click Bank Deposit.

3. Choose an account.

4. Enter necessary fields.

5. Click Save and close.

 

If you have additional questions, feel free to click the Reply button and I'll get back to you. Wishing you all the best.

3 REPLIES 3
QuickBooks Team

Re: Insurance settlement

Hello there ianpps,

 

I want to help you record the insurance settlement from your insurance provider.

 

To record the settlement in QuickBooks Online, you just need to enter a bank deposit.

 

Here's how:

 

1. Click the Plus sign.

2. Under Other, click Bank Deposit.

3. Choose an account.

4. Enter necessary fields.

5. Click Save and close.

 

If you have additional questions, feel free to click the Reply button and I'll get back to you. Wishing you all the best.

Experienced Member

Re: Insurance settlement

Thank  you, that's great!!

Highlighted
Active Member

Re: Insurance settlement

How would this be categorized so it doesn't look like income, since it is not?  Settlement funds  are from Loss of Business Income and Loss of Business Property.  On our P & L, it now shows up as "Other Income"...is that correct?