How to record the insurance amount paid to the insurance company?

First, you’ll have to create an account to track the insurance amount. To create an account,

• Go to the Accountant module on the left side bar and choose Chart of Accounts.
• Click +New account.
• Include necessary details such as Account Type as Other Current Asset and an Account Name as Insurance Amount.
• Click Save to update your preferences for the account.

The amount paid to the insurance company can be recorded as journal. To record it,

• Go to the Manual Journals under Accountant on the left sidebar.
• Click the + New Journal button on the top right side of the page.
• Fill in the required details.
• Debit the asset account (Insurance Amount in this case) and credit the bank account from which the insurance amount is paid.
• Click Save and Publish.