How do I set -up a Payment received for a insurance claim?

Glad to see you here in the Community, feparaschuk.

To record the payment, let’s create an account to track the entry and then make a deposit. The steps are easy to follow.

Here’s how: 

1. Tap the Accounting menu on the left panel and select Chart of Accounts to open the All Lists page.
2. Press the New menu in the upper right to access the Account window.
3. From there, choose the account you want to use by clicking the Account Type drop-down.
4. Then, choose the correct category in the Detail Type drop-down.
5. Enter a term that will identify the account in the Name field.
6. Fill in the remaining field boxes.
7. Hit the Save and Close button.
   

Since every business has a different structure, I recommend consulting with an account of the specific account to use in tracking the insurance claim payment. This is to ensure the transaction is properly categorized.

To deposit:

1. Click the New menu in the upper left and choose Bank Deposit under the Other section.
2. On the Bank Deposit page, go to the Add funds to this deposit section to input the entry.
3. In the Received from column, choose the appropriate recipient and then enter the account previously created in the Account field.
4. Type in the amount and fill in the remaining field boxes.
5. Once done, press the Save and close button.

For future reference, I’m adding a link where you’ll find resources that wil help grow and manage your business: QuickBooks.

Stay in touch if you need any assistance while working in QuickBooks. Please know I’m here to help you. Enjoy the rest of the day. 

How do I set -up a Payment received for a insurance claim?

Deposit the payment and use Other Income as the source account for the deposit

You expensed, or should have, the damages.  The other income entry will be offset by those expenses on the P&L