Recording insurance claim whilst Self employed

DavieB · ‎January 27, 2021

Thanks for taking the time to read:

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!

SarahannC · ‎January 28, 2021

Hello there, DavieB.

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.

You may want to check about categorising transactions in QuickBooks Self-Employed.

Let me know if you have other questions. Take care always.

View solution in original post

JonpriL · ‎January 27, 2021

Hello @DavieB,

You can enter a manual transaction for the insurance claim you wanted to record. Let me show you how.

Go to Transactions.
Select Add transaction.
Enter the date, description, and amount of the insurance claim.
Under CATEGORY AND TAGS, click Select a category.
Select Insurance.
Choose Business Insurance.
Click Save.

In the same manner, here are articles you can read to learn more about the category and how to enter your transaction:

On top of that, I've also included this reference for a compilation of articles you can use while working with us: QuickBooks Self-Employed Overview.

If you have any other questions, please let me know by leaving any comments below. I'll be here to lend a hand.

DavieB · ‎January 27, 2021

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?

SarahannC · ‎January 28, 2021

Hello there, DavieB.

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.

You may want to check about categorising transactions in QuickBooks Self-Employed.

Let me know if you have other questions. Take care always.

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Recording insurance claim whilst Self employed