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Hi Kris
Were you able to sort this out? I have the same problem and have no idea what to do.
Thanks for posting in the Community, Tom1988!
To record the insurance payment received, let's create an account to track the entry and then make a deposit. Here's how to create an account:
Once done, let's go back to the For review tab and categorise the payment using the new account created by selectin it under Category field. And then fill out other fields like GST code.
Furthermore, I recommend consulting with an accountant as well to help check of the specific account to use in tracking the insurance claim payment. This is to ensure the transaction is properly categorized.
Get in touch with us if you have other QuickBooks related concerns. This way, we'll be able to assist you.
Thanks for your reply IntuitSheila. Very helpful.
I have a follow up question.
The details of the insurance settlement were as follows:
Vehicle value = $10,400.00
less ITC = $ 945.45
TOTAL = $ 9,454.55
I have categorised the $9,454.55 payment as per your instructions.
What do I do about the ITC of $945.45 which they have withheld. Not sure what this means or how to deal with.
Would appreciate your help.
Regards
Tom
Hello Tom1988,
Thanks for getting back to us. QuickBooks Online can record BAS/GST only. For income tax payments, you can record an expense transaction and allocate them to taxes paid category. However, I would recommend contacting your accountant to help you allocate the ITC properly to not mess up your books. As we are not an accounting expert and we can only guide you on how to record transactions in QuickBooks.
If you don't have an accountant, you can check this link to locate an accountant: Find an accountant
Feel free to comment below if you have further concerns. I am around to help you.
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