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I want to enter our MASC (accounts payable for crop insurance) but before I do I want to confirm posting of a transaction. For easy figuring lets say I set up accounts payable MASC for $10000.00 (credit) and hail insurance expense $10000.00 so to do this I select Payable charge and select MASC then select Ex and pick hail insurance. This is what I need to know - we put in a hail claim for $5000.00 and instead of issuing a cheque it is reduced from the accounts payable. How do I enter this so it would be correct?
Hi Sandra, to make that happen you will need to enter a Deposit to your main bank account and select MASC in the Customer/Supplier field. Make sure to leave the amount in the top half as zero as no money actually went into the bank - other than that, fill it out like you normally would. In the bottom half, enter a PP line and put $5000 against that $10,000 payable credit OR if you used CN+ to enter the credit then do a CN- line instead for this transaction. To make the transaction balance, to a second line as IN and choose your Insurance Proceeds income account.