How To Record Insurance Claim Payment In QuickBooks?
Well, we all know the increasing usage of technology in the present world. And you guys feel even more shocked when you know that the concept of technology was also added to the insurance field, as some software and tools are available to make a claim online and get paid instantly.
In this article, we will discuss one such software, QuickBooks, which can make our payment process more manageable. So, could you please stay in touch with our article and read it carefully?
Let’s start the article’s discussion by knowing the actual meaning of Insurance Payment.
What is Insurance Payment?
Insurance Payment is an agreement in which the policyholder will have to pay several fixed amounts to their insurance company, and against which your company will pay you back when any unpredictable situation arises.
Business people mainly use this insurance payment to protect their businesses from unpredictable situations.
Now, after having a basic idea about Insurance Payments, let’s take some information related to QuickBooks, too.
What is QuickBooks?
QuickBooks is a newly developed software that primarily focuses on making your accounting process efficient and quick without errors. The main thing about the QuickBooks software is that it is straightforward to understand, even for those needing accurate accountancy knowledge.
Anyone can use QuickBooks, whether they have small or medium-scale businesses, as it will help the business person track their expenses efficiently.
Other than this, QuickBooks helps businessmen quickly determine whether their business is making a profit or loss. QuickBooks also has some personal benefits, such as being helpful for managing personal financial records.
With QuickBooks, you can easily track your business’s cash flows and determine whether it is making a profit or loss.
Now, let’s take a quick look at some of the advantages and disadvantages of QuickBooks Software.
Advantages and Disadvantages of QuickBooks:
Advantages:
- It is easy to understand and use.
- It provides accurate accounting reports to its users.
- You can easily access the QuickBooks software using any device, such as a tablet, Mac, computer, etc.
- It easily integrates with other systems, too.
Disadvantages:
- Lack of industry and business-related features.
- Needing the proper invoice designing tools.
- There is a member’s limitation in accessing the software.
- You can only send a fixed amount of transactions at a particular period.
Now, after learning the merits and demerits of QuickBooks, let’s look at how to record an insurance claim with QuickBooks’s help.
Ways to Record Insurance Claim Payment in QuickBooks:
Now, in case you want to record an insurance claim by using the QuickBooks software, here we are sharing some of the basic steps that everyone must have to follow, such as;
- The very first thing to do is create an account in QuickBooks.
- The second step is to select one of the many Chart of Accounts, which are available in the left-hand corner of the website.
- Afterward, click on a new menu at the upper right of the account window.
- Now, go to that menu and press the account type to select the account you wish to open.
- Then, you need to select the suitable category options.
- You need to add a particular term to detect your account.
- Also, fill all the other remaining boxes with the appropriate information.
- The last step is to click on the save and close button.
Other than this, you can also use the process below to make a manual transaction for any insurance claim. Through this, you can efficiently complete a transaction quickly and successfully;
- The same step as making a manual transaction is to navigate the transaction.
- Then, select the add transaction option.
- Add the transaction details, like the amount, date, time, etc.
- Then, select the particular category from the category and tag options.
- Choose the insurance type appropriately.
- Then, click on business insurance.
- The last step is to click on the save button.
So, there are two ways to easily record the Insurance Claim Payment in your QuickBooks software.
Final Words:
The main reason behind writing this article is to inform people about the latest facilities that technology provides. QuickBooks is a newly invented software whose primary focus is to help businesses manage their financial transactions.
In addition, QuickBooks now plays an essential role when recording Insurance claim payments, and that too within a concise duration and without any error.
In this article, we have mentioned the two recording methods for insurance claims using QuickBooks software. We hope that this information will be helpful for you in the future.