I operate a Mini Storage business.  I offer tenant insurance from a 3rd party provider.  I collect the insurance along with rent monthly.  At the end of the month, I reconcile insurance sales with the insurance provider and they invoice me for the full amount of insurance collections.  They pay me a percentage based upon the insurance policy collections. 

I established a Tenant Insurance Holding Account to record collections (I do this once per month and use a report provided within my software management solution) through a journal entry.  The journal entry is as follows:

Account                                             Debits                   Credits       Description

Tenant Insurance Holding Account                                  $120         Insurance collected from tenants Dec 2023

Business Checking Acct                    $120                                        Invoice Payment to insurance company

My issue is the payment transaction never deducts from my Tenant Insurance Holding Account so it has a full running balance of insurance collections that never balance to $0.00