How to deposit a check received to reimburse an overpaid amount for Insurance

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How to deposit a check received to reimburse an overpaid amount for Insurance

Question : we have received a check from our Insurance Broker reimbursing an overpaid amount.

How can I deposit this check and credit the expense involved ?

The method described below could be applied for any kind of expenses.

What you have to do is to cash the check received and credit the expense account "Insurance".

•	Use the menu : Transactions>Payments Received

•	Click on the choice "Show all accounts (except Payables)" to display all accounts.

•	Click on ''Refresh'.

•	Click on the expense account "Insurance", and key the amount in (and the check number if you want)

•	‘’Process’’

•	Your check will be automatically put into the deposit slip

o	It will be deposited the next time you will produce your deposit

Of course, all entries will have been correctly done and your expense account have been reduced accordingly.