vendor paid me
i didnt end up having to pay my insurance premium due to a flood loss. the insurance company took our premium out of the loss refund check then gave us the differnece. how do i show that in quickbooks?
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02/11/12 10:37am PST
Viewed by asker 02/11/12 11:52am PST
Viewed by asker 02/11/12 11:52am PST
3 Replies
02/11/12 10:44am PST
There are a couple of ways to do it:
Enter the bill for the premium as normal. Use a Journal Entry for the payment from the Insurance Company:
Cash Db
Insurance Proceeds (whatever P&L account) Cr
Accounts Payable Cr - Select the Vendor Name for the Premium
Then go into Pay bills - select the Premium Payment apply the credits and pay the bill. It should net to zero.
02/11/12 11:05am PST
i applied the credit to the bill but now the open balace is what the check actually was they sent me is there a way to deposit that credit into the bank account?
02/11/12 11:38am PST
Latest post
Take the check out of the banking deposit. Just use the JE. It will show up for purposes of the bank rec.
