Credit to Insurance From Bank
Have our insurance with our bank. Every year the bank gives a refund that is applied to our insurance, so we do not receive the funds in our bank account. I want to enter a credit in in my insurance account, so we can track how much we spend on the insurance, but I do not want to put the debit in the bank account as there would be an error in the reconciliation. Can you tell me what account I should use for the debit of the refund? Thanks
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Best Answer

When you say the "refund is applied to our insurance" I assume that the refund is applied to "next year's" insurance premium, such that if "next year's" premium was stated as "$X" the amount taken from your bank account would be $X minus "last year's refund?"If that's the case I suppose you might set up some "asset" Account in Quicken, in effect a "receivable", and make an entry ofDebit (increase) Insurance Refund Account ($Refund)
Credit (decrease) Insurance Category ($Refund)and then when the refund is applied to next year's premium make an entry ofDebit (increase) Insurance Category ($Refund)
Credit (decrease) Insurance Refund Account ($Refund)5
Answers

When you say the "refund is applied to our insurance" I assume that the refund is applied to "next year's" insurance premium, such that if "next year's" premium was stated as "$X" the amount taken from your bank account would be $X minus "last year's refund?"If that's the case I suppose you might set up some "asset" Account in Quicken, in effect a "receivable", and make an entry ofDebit (increase) Insurance Refund Account ($Refund)
Credit (decrease) Insurance Category ($Refund)and then when the refund is applied to next year's premium make an entry ofDebit (increase) Insurance Category ($Refund)
Credit (decrease) Insurance Refund Account ($Refund)5
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