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kelper62
Level 4

INSURANCE PAYOFF OF VEHICLE

I have a vehicle that was totaled.  The insurance paid off the bank direct.  The check was not sent to me.  How do I enter into QB to clear the owed balance?  Thank you as always!

1 Comment 1
BigRedConsulting
Community Champion

INSURANCE PAYOFF OF VEHICLE

Record a reduction in the vehicle asset account and code it to some sort of income/expense account like insurance proceeds. 

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