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How to list a payout for damage

We paid out $1,100 for damage to a vehicle due to employee. We didn't go through insurance due to it being under $2,000.00

 

How do I enter the $1,100 paid for damage in quickbooks online? 

 

Thank you,

3 Comments
Frequent Contributor *

Re: How to list a payout for damage

Hi there!

It seems like this would go into the Repairs and Maintenance account since it was an expense incurred while working and that you paid for through the business.  
If it did not come through the bank you would enter it as and expense to the vendor and coded to the R&M expense account.

Hope that helps, happy holidays!

-Stacy

https://manage-accounting.com

Super Contributor *

Re: How to list a payout for damage

Do you put it under the Vehicle Repair & Maintenance as Payout for Personal Property Damage?

Frequent Contributor *

Re: How to list a payout for damage

Do you mean that it's like a settlement?  That someone paid you through the courts for damages?
It would depend on what was damaged, but you may want to create an account for this if it is an ongoing thing.  

Otherwise, like if you're just repairing a broken window or a flat tire, it would go into Repairs and Maintenance.  Depending on how your tax return is structured you might want to put a car repair into Automotive expense.  I would ask your accountant about that.

Hope that helps!!

-Stacy