View Full Version : automatic bank deposit with insurance taken out
01-19-2002, 05:05 PM
Could some tell me how to correctly handle an automatic deposit that has insurance taken out before it gets to my bank? I am using QB pro 99. I keep getting minus signs showing up in some of my reports. I just wonder if I am doing it incorrectly.
You're getting an automatic deposit from who? How are you recording the transaction? What insurance? Can you give us some details?
01-19-2002, 10:07 PM
It is a retirement check that is administered by a bank for my employer. The bank takes out the insurance premium and sends it to my employer and then sends the rest to my checking account. The total amount including the money for the insurance is taxable income for me. When I enter the deposit into my QB program how is the insurance premium entered. As I understand it I have to have two accounts. One is entered as a debit and the other is entered as a credit. I guess where I am confused is the setting up of the accounts and what type they have to be. I hope that this helps explain it better. Thanks
As these are personal items and not business, I'm assuming that you are keeping your personal books here and not business. In that case, go to Make Deposits and on the first line of the deposit screen, in the From Account column, select Retirement Income and enter the amount BEFORE the deduction. Then on the next line, select your insurance expense account and enter the deduction as a MINUS amount. The total deposit will be the amount that goes into your checking account.
01-20-2002, 03:37 PM
Thanks, Joey. I have been doing it wrong. Thankfully it is only for a year and the entry is just once a month. And yes it is personal.
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