Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
Connect with and learn from others in the QuickBooks Community.
Join nowHello Leslie_GoodCentsBookkeeping,
Thank you for reaching out to the QuickBooks Community! It would be best to reach out to your accountant to see the best approach for this question. If you don't have an accountant, I do have two options for you to get assistance with this. You can go to Find an Accountant or our QuickBooks Live Bookkeeping. Both offer a free consultation, so please don't hesitate to take advantage of that opportunity! These two will be able to get you on the right track.
Reach out to us if you have any other concerns. We're here to help. Have a great day.
I think these are two different transactions:
1. you receive invoice and pay for it
2. you invoice insurance and they pay
If the amount is material, record the expenses under 'Other Expenses' (or a sub-account of other expenses if appropriate) and the insurance proceeds as an 'Other Income' account (gain from insurance claim or something similar). You want to keep this off of the company's income from operations portion of the P&L (other income and expense show up below), unless the amounts are immaterial to the company, in which case, it is acceptable to include them in the operations portion of the P&L.
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.