USA Insurance Premium from previous years

[LeahYue]

my company received an invoice from insurance company stated that i need to pay extra insurance fees for 2017-2018, which have been amortized at original insurance premium during 2017-2018. Since the extra fees paid on expired policy for 2017-2018, how do i book this cost in 2019?

 

[kirby]

Just record it as you would for a normal insurance expense. All cost is recorded on date of payment - there is no amortization of this. Just be sure the extra expense is valid AND I would have a not so nice conversation with the insurance company about this if I was you.

 

[LeahYue]

Thanks Kirby!