I got an insurance claim paid for my business due to the company who paid it being liable and endangering lives (not as dramatic as it sounds!) however, as there are no expenses to be taken off against it (ie something to be fixed that will cost money), what do I label that money as? I'm a small, new business, so the amount is by far the highest that has come into my account, but it does not accurately reflect my income, so I don't know if it's to go down as 'business income' because it's not really, or if I omit it, or what my options are re having to pay tax on it.
Sorry for the garbled message, I am very new to QuickBooks and new to self-employment in general!
Thanks for getting back to me. Firstly, I don't have those tags, just Rent/Utilities/Insurance which puts the amount to a negative, as opposed to it showing as positive income (which is was, it was a payout to me) with no way I can see of turning it into a positive?
Also, it doesn't really answer the question on what I'm supposed to catigorise such a thing as?
I can see how important to show the correct amount recorded in QuickBooks Self-Employed. In your case, we'll need to reach out to our support team to figure out why it happened. They are the ones who can help you change the amount from negative to positive by making sure the correct category is applied to the transactions.
From there, click on QB Assistant. You'll need to enter talk to a human twice and click on I still need a human. You can then message an agent or get a callback from our specialists.
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