Q2017 Windows: Help needed with tracking value of Life insurance/dividends

Brooks

I have a life insurance policy that accrue dividends annually as well as interest on those dividends. How can I track the value of those life insurance policies?
QW 2017

NotACPA

What value are you trying to track?  The death benefit of the policy?  Or what?

And, what Q product are you running?  What product year?
Also, how are those dividends and interest calculated?  OR, are they just "as declared by the insurance co."?

Brooks

I would like to track the base policy amount and the dividend additions "as declared by ins co"
running QW 2017

NotACPA

Brooks said:

I would like to track the base policy amount and the dividend additions "as declared by ins co"
running QW 2017

I'd use an Asset account (not an investment account) with the base amount as the "Opening Balance".  And just post those add'l amounts as adding to the value of the account when they're received.

IF those add'l amounts have tax implications, create Income categories with the appropriate tax line attached for recording them.

Brooks

Brooks said:

I would like to track the base policy amount and the dividend additions "as declared by ins co"
running QW 2017

Sounds good, many thanks for your help.