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How to report a loss

I run a Chiropractic office and I am trying to see how to show insurance that was billed out and what was actually paid. In order to show a loss. Same as with a settlement what we billed out and what was actually paid. 

5 Comments
QuickBooks Team

Re: How to report a loss

Hi there, @PrecisionChiro1022.

 

I can share with you some insights on how transactions can be entered and get paid in QuickBooks Self-Employed. 

 

If you connect your accounts into your QuickBooks Self-Employed, it will automatically enters your recent transactions, and categorizes them for you. 

 

To do that:

  1. Select the Gear ⚙ icon, and then select Bank accounts.
  2. In the search box, enter the name or URL of your bank. Then select Continue. If you've already connected an account before, select Connect another.
  3. Enter the sign-in info you use for your bank's website.
  4. When you’re ready, select Connect securely.

However, you also have the option to enter your transactions manually. All you have to do is to add the transaction and select the correct category

 

This can be done by following the steps below:

  1. Go to the Transaction menu.
  2. Select Add Transaction.
  3. Enter the amount and a brief description.
  4. Browse the Select a category menu and choose the best option to organize your transaction.
  5. If you have a receipt, you can drag and drop it into the form.
  6. When you’re ready, select Save.

I've added some references below that you can visit for complete details about this procedure and on how can this be done if you're on a mobile app:

This should get you covered today, PrecisionChiro1022.

 

If you need further assistance in performing the steps, you may get in touch with our Customer Care Team for proper guidance. 

 

Of course, I'm still here to lend a helping hand if there's anything else you need about this. Just leave a reply below and we'll take it from there. Have a good one!

Not applicable

Re: How to report a loss

Thank you!

My bank account is connected and it does show the payment we received and I can go and add those and categorize them But I'm just wondering is there a way to show that we billed insurance $500 but they are only going to pay $400 how do I show the $100 they did not pay as a loss? Same with a personal injury case...if we billed the case as $5000 but then we had to settle the case for $4000 how would I show that $1000 loss? 
 
Would creating an invoice for what we billed and then show the partial payment be the way to show that? 
 
Thanks
Not applicable

Re: How to report a loss

Thank you!

 
My bank account is connected and it does show the payment we received and I can go and add those and categorize them But I'm just wondering is there a way to show that we billed insurance $500 but they are only going to pay $400 how do I show the $100 they did not pay as a loss? Same with a personal injury case...if we billed the case as $5000 but then we had to settle the case for $4000 how would I show that $1000 loss? 
 
Would creating an invoice for what we billed and the show the partial payment be the way to show that? 
 
Thanks
Highlighted
QuickBooks Team

Re: How to report a loss

Hello PrecisionChiro1022,

 

Currently, QuickBooks Self-Employed has income and expense categories only. Thus, recording a loss is unavailable. You'll want to consult your accountant on how to properly record this.

 

Feel free to read this article for more information about: Category types: Income and expenses.

 

You can also visit our page for future reference regarding: QuickBooks Self-Employed.

 

Meanwhile, please check our other products that let you track loss transactions. Here's the link: https://quickbooks.intuit.com/pricing/.

 

Get back to me if you have additional questions. I'll drop-by as soon as possible.

Not applicable

Re: How to report a loss

Thanks so much! I'll just have to keep up with it another way.

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