Hi there, Christina.
In QuickBooks Online, there's no option to track the expiration date of your subcontractor's insurance. No worries, I have a workaround for you.
You can consider creating a liability account to track the unpaid balance for the insurance. Then, set up a recurring expense and assign it to the liability account. It will gradually reduce the amount until the recurring expense ends, indicating that the insurance has expired. I can show you the steps on how to create an expense account.
Here's how:
- Go to the Gear icon. Select Chart of accounts.
- Click New. Enter any name for the account you'll create.
- Under Account type, select Other Current Liabilities or Long Term Liabilities.
- Choose the appropriate category in the Detail type dropdown.
- Hit Save and close.
In creating a recurring expense, follow these steps.
Here's how:
- Click the +New icon.
- Select Expense. On the very bottom of the transaction click Make recurring.
- Enter all the necessary information.
- Click Save template.
On the other hand, you can also consider sending a request to our product developers to let them know about your request. I understand how important this feature is to your business. Our product developers may consider adding this in the future.
Here's how:
- Sign in to your QBO account.
- Click the Gear icon at the top, then Feedback.
- Enter your comments or product suggestions.
- Press Next.
Once done, our designated team will review it. You can track your future requests through the QuickBooks Online Feature Requests website.
Furthermore, you can also visit our link to learn how to track the money moving in and out of your business: Track your cash flow in QuickBooks Online
Don't hesitate to comment if you still have concerns about tracking your subcontractor's insurance. I'm always here to help.
