Recording Insurance Bill

Hello there, @Little E NYC.

I can think of two ways how you can record your insurance bill in QuickBooks Desktop (QBDT). I'll discuss them below.

You have two options for recording insurance bills in QBDT. You can either record a bill and staggered bill payments or a loan. Both processes let you keep track of all your accounts payables on your balance sheet and reduce your accrued liability for each month.

If you opt to record a bill ($120,000), you'll have to enter the actual amount you pay for each month. For the complete guide to entering bills and staggered payments, please see these articles:

• Enter bills in QuickBooks Desktop
• Pay bills in QuickBooks Desktop

If you choose to record a loan, you can set up a liability account to track what you owe and its payments. You can select either Long Term Liabilities or Other Current Liabilities (if you plan to pay off the loan by the end of the current fiscal year) as its account type. For the step-by-step guide, you can refer to this article: Manually track loans in QuickBooks Desktop.

Also, you can track your loan with the help of the Loan Manager in QBDT. You may want to check out this article in case you need to learn more about this process: QuickBooks Loan Manager.

Please feel free to leave a comment if you have other concerns about recording insurance bills in QBDT. I'm always ready to help. Take care, and I wish you continued success, @Little E NYC.

@Little E NYC 

If you accrue the $120K liability (credit), you need to offset that liability with an expense (debit).  Therefore, you will fully expense the $120K at the time you enter the accrued liability, which it sounds like you don't want to do.  It sounds like you just want to enter a $10K insurance expense bill every month.