How To Record Insurance Expense In Quickbooks. Use line of credit to track the balance due on any lines of credit your business has. Also indicate the number of remaining entries.
When entering transactions into quickbooks, however, and when considering tax preparation, it may be easier to enter the insurance as an expense and let our accountant or tax preparer adjust the portion that is prepaid if needed. In section 3, select the edit (pencil) icon. The entries will record according to the frequency you selected, reducing the prepaid expenses account each period.