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Re: crop insurance pay out

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July 10, 2015 09:34AM
Most will setup a revenue account called Crop Insurance proceeds. Did they deduct any premium from this check? The reason I ask, is because if for example you received 1000.00 in actual proceeds and they deducted say 500.00 for the premium, leave the final check amount as 500.00 then you would record the transaction in this manner:

1. Go to the Record Income or Sales.
2. Select the correct Crop Insurance company as the Purchaser.
3. Enter correct date of deposit and a description.
4. Click on the Other Sales and Expense reductions button.
5. Enter the 1000.00 amount and highlight this new revenue account called Crop Insurance proceeds. Allocation to field enterprises is optional. Click OK.
6. Click on the same other sales button again.
7. Enter a negative for the 500.00 premium charge.
8. Change account on left to Expense and highlight the Crop Ins. Expense account. Once again allocation is optional to field enterprises. Click OK.
9. Net total Sale will be the 500.00 received as a check.
10. Enter the deposit to correct checking and click OK.
11. Record and Done.

If there was no premium deducted, then simply post to the revenue account and deposit the money.

Hope this helps!

Thanks,

Kathy Cline,
Farm Works Software
SubjectAuthorPosted

crop insurance pay out

lanwickumJuly 10, 2015 07:13AM

Re: crop insurance pay out

KathyClineJuly 10, 2015 09:34AM



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