Same Insurance Providers, Different Policies and Due Dates

Posted by Craig on October 26, 2008, 9:48 am

Please log in for more thread options

We have several different policies with State Farm Insurance. Do I
list State Farm as a Vendor only once, or do I list State Farm as a
Vendor separately for each policy. The policies all have different
due dates and I want to make sure I can check when they're due and,
when I pay each, and be able to access the data in the fastest and
easiest way possible.

Cany anyone help? Thanks! Craig

Posted by Laura on October 26, 2008, 11:23 am

Please log in for more thread options

> We have several different policies with State Farm Insurance. Do I

> list State Farm as a Vendor only once, or do I list State Farm as a

> Vendor separately for each policy. The policies all have different

> due dates and I want to make sure I can check when they're due and,

> when I pay each, and be able to access the data in the fastest and

> easiest way possible.

> Cany anyone help? Thanks! Craig

There is nothing wrong with your idea of separate vendor names if it means
making tracking of your policies easier. You could include the policy number
or type of insurance (life, disability, etc) as part of the vendor name. If
you use the policy number then make it inactive when paid.

Just make sure that when you set up each vendor you use the correct "Print
on Check As" so that you don't cause problems getting the checks cashed by
SF. Put the policy number in the Account field on the Additional Info tab so
that it prints on the check stub.

Posted by Haskel LaPort on October 26, 2008, 11:51 am

Please log in for more thread options

> We have several different policies with State Farm Insurance. Do I

> list State Farm as a Vendor only once, or do I list State Farm as a

> Vendor separately for each policy. The policies all have different

> due dates and I want to make sure I can check when they're due and,

> when I pay each, and be able to access the data in the fastest and

> easiest way possible.

> Cany anyone help? Thanks! Craig

I would only use one vendor name along with multiple recurring memorized
transactions. Each recurring memorized transaction can have the name of the
policy being paid. I would also set up a separate general ledger account for
each type of insurance policy so I could access invoice/payments in a very
fast and easy manner.