QB Issue Resolution:

actually the payment you made is for an expense covering two fiscal years, portions thereof anyway, assuming you are on a calendar year

the payment should post to a pre-paid ins asset account

then each month you do a journal entry for 1/12th of the total

debit ins expense
credit pre-paid ins

Resolution for Issue 'How do I record that I paid public liability insurance $650 from 1st June 2014-31st May 2015 via credit card payment in QB?' available: Yes (Solved).
Source: Intuit Community forum.

How do I record that I paid public liability insurance $650 from 1st June 2014-31st May 2015 via credit card payment in QB?: 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 liability
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Error Recovery for liability [Canada]
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