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M
Marigold70
February 12, 2024
Question

Insurance Payment and Lease Buyout

  • February 12, 2024
  • 1 reply
  • 1 view

Hello,

 

We had two cars on operating lease.

Car #1 was totaled in car accident. Insurance company sent insurance payment cheque to leasing company.
We paid out lease of totaled car #1 by the insurance payment.
We did lease buyout of the car#2 by the same insurance payment.
Leasing company sent us remainder of that insurance payment. It's deposited on our bank account.
How to record all of it in our books?


Thanks!

1 reply

J
JamesM4
Level 6
February 12, 2024

Hi there,

 

Thanks for contacting us here. QuickBooks is a flexible program that helps you to manage your accounting with ease. I'll be glad to share more info so you're on the right track with your work. 

 

Recording your transactions the right way is vital for ensuring your books remain accurate. That said, I recommend consulting an accounting specialist for expert advice. You can get in touch with an accounting professional using this link here. Other accounting professionals are able to see this post in the Community and this will allow them to chime in. 

 

Let me know if this info helps. I'm here to steer you in the right direction with navigating the program.

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