Why aren't my insurance expenses split out between the different types?
<This article refers to using your Transaction Detail sheet which is linked in your Dashboard.>
Without having you send us your insurance statements (which is more work than we want you to do), we don't know how a payment to State Farm, for instance, breaks out between Auto and Worker's Comp insurance. So if you see a transaction coded to “Insurance”, please update the account to let us know what type of insurance this was.
Examples of deductible insurances are:
- Employee Health (in certain cases)
- Workers Comp
- Professional Liability
- Auto Insurance for business car
Examples of non-deductible insurances include:
- Umbrella policies
Often times a single insurance payment will encompass multiple types of insurance. If you’ve paid for a non-deductible insurance and we’ve included it in your Insurance expense account, or you want to split out the detail, create a Split (covered in this article).