Audit refund

Thanks for posting in the Community, @kkerley. 

Entering a refund depends on how you record the insurance audit premiums for the period of 04/01/19 through 03/31/20. I'll provide the options below to complete your task. 

If you created journal entries for insurance premiums, you can backdate them to post equal amounts to each month during that period. These will affect your cash basis reports since these transactions will impact a Balance Sheet and expense accounts. Here's a sample screenshot: 

If you wrote checks for insurance premiums, let's create a deposit to record the refund. This way, it'll increase your bank balance. Here's how: 

1. Go to the Banking menu and select Make Deposits.
2. Select OK if the Payments to Deposit window appears.
3. In the Make Deposits window, select the Received from drop-down list and choose the vendor/insurance company who sent you the refund.
4. Choose the appropriate expense account in the From Account drop-down menu. 
5. Enter the actual Amount of the refund check for each month. 
6. Type in a memo, check number, payment method, and class.
7. Click Save & Close.

You can also follow the recommended steps outlined in this article specific to your scenario: Record A Vendor Refund. 

As always, I'd recommend consulting your accountant to determine which method is best for your business. That way, we can ensure your cash basis reports are accurate. If you don't have one, you can find an accountant through this link: ProAdvisor. 

Lastly, I'd suggest setting the Report Basis to Cash when running reports in the program (see the screenshot below). You can also customize them to get the specific details you need about your company.

I'll be right here to help if you need further assistance. Keep safe.