Do you want to find out how to enter insurance claim payment in QuickBooks? All you have to do is set up a new account and then track the entry and deposit you will be making. In today’s world, complicated tasks can be easily done and accomplished by non-trained individuals. This is all thanks to the help of computers and technology, and computer software is developed to help make life easier and make complex tasks a lot simpler.
This includes accounting which is something an ordinary person with no accounting background would be confused about. However, because of advanced computer software, even a normal person can do accounting. In this article, we will be going over what QuickBooks is and how you could use itinsurance claim payments. We will also give other alternatives to this software. If this interests you, then keep on reading.
What Is QuickBooks
QuickBooks is computer software developed to provide your accounting needs. It is simple and easy to understand, even for people that are not well-versed in accounting. It can be used for small to medium-scale businesses and makes tracking expenses and income easier. Daily transactions can easily be recorded and managed. These business owners won’t need to spend a lot of money outsourcing all the accounting work required.
They could learn to do it themselves easily because of this software’s very beginner-friendly user interface. With this, they can see if they are profiting from their business or not. Its use is also not limited to just business accounting and management, but for personal finance management. It can be beneficial, especially because it can help people keep track of their cash flow and see where all their money is going and coming from. Intuit develops QuickBooks.
This software allows for data migration, business transactions, generation of invoices, tax calculations, business projections, and more. It also has different versions that each with a different target audience in mind. To learn how to enter insurance claim payment in QuickBooks, continue reading.
Other versions of this software include QuickBooks Self-Employed, QuickBooks Online, QuickBooks for Mac, and QuickBooks Pro. These versions and their features will be stated below.
#1. Quickbooks Self-Employed
This version is made for individuals who do freelancing jobs. It provides a lot of flexibility to its users because of its easy access allowing its use anywhere with an internet connection. With this, Personal and business transactions are kept separate, allowing for better organization and less confusion. They can easily connect the users’ credit cards and bank accounts.
#2. QuickBooks Online
Features of this version include suppliers and customers handling, company budget maintenance, organization of taxes, and keeping track of sales and cash flow. Using this can help save a lot of time and be versatile, allowing it to be used for different business types.
#3. QuickBooks Mac
QuickBooks Mac can manage financial tasks very easily. It gives you the freedom to make fiscal year budgets and progress monitoring. The interface is very beginner-friendly, allowing people without an accounting background to use it easily. Also, as the name suggests, it is for apple products.
#4. QuickBooks Pro
This is recommended for new small business owners. It can get support and reports in a relatively short amount of time for your business. In addition, it has a “bill tracker” that can show you the bills you haven’t paid for yet and your purchase orders.
Steps On Entering Insurance Claim Payment In Quickbooks
How to enter insurance claim payment in QuickBooks? To record the insurance claim payment that you received from your insurance provider. You might want to read this article on how long an insurance company pays a claim.
Regardless, In QuickBooks, you must first create an account. Then, the account is used to track the entries you will make. Finally, the deposit from the insurance claim payment will be made using this account. Below, we will elaborate on the steps.
Step #1: Create an account
The first step is to create a new account. To do this, go to the “accounting” menu and then “chart of accounts.” The system will then bring you to the “all lists” page. Next, access the “account” window by pressing “new.” From there, you can select the “account type” and fill in the correct “detail type.” After entering all the blanks and remaining fields, double-check everything and press “save and close.”
Step #2: Make a deposit
To make the deposit, press the “new” menu and select “bank deposit.” Then, go to its page and to the “add funds” section and make the entry. Then, inside the “received from” area, choose the account you created in step one.
Enter the amount of the insurance claim payment that you received. You will use the account created earlier to keep track of entries relating to the insurance provider. Then all you need to do is fill in the remaining fields, review everything and click “save and close.”
At the end of this article, I hope you have learned how to enter insurance claim payment in QuickBooks. For more insurance-related articles, here’s one that talks about in what circumstances property insurance is rejected. Thank you for reading up to this point of the article. Your time and effort are very much appreciated.