Enter the agency's name in the Customer Name or Company Name field.Right-click anywhere in the list the choose New.From the Customers menu select Customer Center.Step 2: Add the Insurance Company as customer. Choose Bank then enter the name Clearing Account as the Account Name.Go to the Lists menu and select Chart of Accounts.You can set up the insurance company as a customer in QuickBooks, so you can transfer the balance from the original client and apply the claim as a payment. ![]() Regarding the other question about the insurance claims, there is a way I can suggest for you. This article can explain the process and steps for you: Write off bad debt in QuickBooks Desktop This is method is what we call writing off a bad debt. If you want to track the loss in the P&L report, you will need to a different entry to account for the unrecoverable funds from damages. For example, if the average cost is 10 and you reduce the quantity by 2, QuickBooks reduces the value of the items on hand by 20. This is because, we are only changing the quantity and asset value of the item, but the average cost of the item remains the same. This method affects both the Asset and the COGS account, but not necessarily show a loss in your books. ![]() When you purchase or receive inventory, it debits the Inventory Asset account which is posted in the Balance Sheet report. If there are changes in the quantity because of damages, fire, theft, or breakage, and etc., that's when you use the adjustment option. Inventory tracking uses different journal posting in your books when receiving inventories and selling them. Hi there, can share a few insights about the process of writing off inventory in QuickBooks.
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