Insurance Settlment

[emeraldeyz]

A client's work vehicle was totalled in an accident. He received a settlement from his insurance company. He also still had a loan on this vehicle. How is this posted in QB so that it doesnt show up as income?

[Joe Williams]

Use the Make Deposit for the ins. payment and the From Account should be the Fixed Asset account for the work vehicle. If they use the insurance amount to pay off the loan, then write a check for that amount to clear the loan liability account, after makeing the deposit.