United States United Kingdom Australia Brasil Canada (English) Canada (French) France Mexico Singapore South Africa Global Ireland
Created with Sketch.Learn about PPP and Loan Forgiveness, stay informed with the latest changes.
Created with Sketch.Need help with 1099's or other Year End topics? Visit our Year End Resources page.
Created with Sketch.New to QuickBooks or using a new product? Visit our Get Started resource page to help you get going.
Created with Sketch.Need to make changes to your account? Visit the Account Manager Portal.
cancel
Turn on suggestions
Showing results for 
Search instead for 
Did you mean: 
Seattleseven
Level 1
posted
‎November 26, 2018 02:00 PM
last updated ‎November 26, 2018 2:00 PM

How to record an insurance settlement?

Our auto insurance company has issued us a check for repairs to a vehicle that was involved in a collision.  How do I record this as a non-taxable payment received?

 

Thanks very much!

Reply Join the conversation
1 Comment
Rustler
Level 15
‎November 27, 2018 03:56 AM

How to record an insurance settlement?

You post the actual repair costs you paid for, deductible, etc, to an expense account

deposit the funds the insurance company gave you and use that same expense account as the source account for the deposit

 

whether that is income on the P&L (negative expense) depends on whether you got more than you paid

Reply Join the conversation
Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up
Featured
Reconcile an account in QuickBooks Online
Learn how to reconcile your accounts so they always match your bank and cre...
Read more
Print your W-2 forms
Learn all about printing your W-2 forms with your payroll service. Making s...
Read more
Reconcile an account in QuickBooks Desktop
Learn how to reconcile your accounts so they match your bank and credit car...
Read more
Top

Need to get in touch?

Contact us