QB Issue Resolution:
You should have the company vehicle on the books as a fixed asset and an associated fixed asset accumulated depreciation account too
Create an income account called gain/loss on asset, then do the journal entries
debit gain loss
credit fixed asset account for the amount in this account
debit accumulated depreciation – vehicle for the amount in this account
credit gain loss
deposit the ins check and use the gain/loss account as the source (from) account for the deposit
Resolution for Issue 'A vehicle was totaled, the insurance Company paid for it. it was entered in as a credit to the ins. company and now they have a credit…how do I correct this? QB online' available: Yes (Solved).
Source: Intuit Community forum.
A vehicle was totaled, the insurance Company paid for it. it was entered in as a credit to the ins. company and now they have a credit…how do I correct this? QB online: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.Support for Company
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