Once you have recorded the total of the insurance for the year as a Purchase, you will need to distribute the annual cost across 12 months. The Insurance Tracker Worksheet will provide you with the correct monthly breakdown to use. 

1. Go to Accounting > Manual Journals
2. Click on [New Repeating Journal]
   
   è  The New Repeating Journal screen opens
   
   
   
3. Set the repeating journal as follows:
   • First Journal Date > Enter the first of the month of the starting date of the Insurance Policy period
   • Repeat this journal every > Select 1 Month(s)
   • End Date > Make sure the journal is only posted a total of 12 times
   • Post / Draft > Select Post
4. Select/Enter the following details:
   • Amounts are > select No Tax
   • Narration > Type: Insurance Monthly cost distribution [Month Year] 
   • Line 1: Accounts > Select the relevant Insurance Expense account and post the monthly insurance cost in the Debit column
   • Line 2: Accounts > Select the relevant Prepaid Insurance Asset account and post the monthly insurance cost in the Credit column
     
5. If the Insurance cost has been paid in instalment through finance and Interest has been charged, you will also need to add two more lines:
   • Line 3: Accounts > Select the Interest Expense account and post 1/12 of the Annual Interest in the Debit column
   • Line 2: Accounts > Select the relevant Financed Insurance Interest Payable account and post 1/12 of the Annual Interestin the Credit column
     
     è  Example of a journal with multiple Insurance expenses and interest payable
     
     
     
6. Click on [Save]