How do I process insurance proceeds for repairs on the rental property?
To resolve this issue, create a new income/expense type at the Business level, then process a General Investment Income transaction using the new income type.
Navigate to Business Level > Settings > Investment income
- Create a new income/expense type, refer to User guide Income and Expense Type Settings for detailed steps on setting up a new income/expense type.
Choose "Yes" if the income is taxable or "No" if non-assessable.
Navigate to Fund Level > Transactions > General Investment Income
- Choose this new income type from the drop-down list.
- Enter the relevant fields.
- Click on Submit