Insurance touches your bookkeeping at three different moments: your premium, a claim where the insurer pays the repair company directly, and a claim where the insurer pays you directly. Here is how to handle each one.
Your insurance premium: book it as a normal expense.
A claim, insurer pays the repair company: only part of the invoice is deductible for you.
A claim, insurer pays you directly (e.g. an omnium payout): book it as revenue.
ℹ️ This article provides general guidance only. Tax rules may vary depending on your individual situation. When in doubt, ask your Tax Coach.
How do I book my insurance premium?
The invoice you receive for the policy itself is a normal business expense. There is no VAT on insurance premiums in Belgium. Accountable has a specific category for each type of insurance.
Vehicle insurance: choose Car insurance, Utility vehicle insurance, Motorbike insurance, or (e-)Bike insurance, depending on what you are insuring.
Other professional insurance: choose Pro insurance, Fire insurance, Professional liability insurance, Legal protection insurance, or Guaranteed income insurance.
Use the same professional-use percentage you already apply to that asset's other costs.
Only professional insurance is deductible: personal policies, such as hospitalization insurance, do not belong in any of these categories.
What if my insurer pays the repair company directly?
If your insurer settles the repair invoice directly, the repair itself is not a cost to you as it was covered by the insurer. Usually, two things are still deductible:
The VAT on the invoice (or the deductible % of it)
Your deductible excess (franchise), if your policy has one
In short: you only book what you actually paid out of pocket. The rest is neutralised, since the insurer already covered it.
How to book it?
Book the invoice under the expense category that fits best (e.g. Maintenance and repairs), split into 3 items:
Enter the full invoice amount, with its correct VAT rate. Use the same professional-use % you already use for the asset.
Enter the same amount excl. VAT again, as a negative (-) line, marked exempt (0% VAT, "exempt from VAT or not taxable"), at the same professional-use %.
This cancels the part the insurer paid for you.Enter your deductible excess (franchise), as a positive, exempt (0% VAT) line. Set the professional-use % that applies to this cost.
This is a real cost to you, so it stays deductible.
Example: garage invoice after a car accident (35% professional use)
Item 1: Full invoice: €3,986.28 incl. 21% VAT (€691.83), 35% professional use
Item 2: Negative line: €-3,294.45, 0% VAT (exempt), 35% professional use
Item 3: Excess: €650.00, 0% VAT (exempt), 100% professional use
Result, under Expense tax impact: €242.14 VAT to recover + €650.00 deductible for income tax = €892.14 professional amount, matching what you were actually billed.
What if my insurer pays me directly?
If your insurer transfers the payout to you directly, for example an omnium payout or a fire insurance reimbursement, book it as income, not as an expense.
✅ Only do this for professional claims and only record the amount you actually received!
How to book it?
Go to the Revenues tab and record the full payout as a non-invoice revenue.
Example: insurance payout for a lost asset
Step 1: Under Revenues, add a non-invoice revenue (Ticket)
Step 2: Add the document, enter the Amount (this is the total amount you received, in this example €1,466.77)
Step 3: Under Category, choose "Insurance payout for lost asset"
Step 4: Press Save
❓ Frequently asked questions
Does this also apply to other business assets, like stolen equipment or fire damage?
Yes. The same method applies any time your insurer pays a repair or replacement invoice directly, whether it is your vehicle, a stolen laptop, or fire damage to your equipment. Book it under that asset's usual expense category, using the professional-use percentage that applies to it.
My car is only partly professional. What now?
Use your car's usual professional-use percentage for the premium, and for the full invoice and negative line (items 1 and 2). The deductible excess (item 3) is a separate, real cost; set its own professional-use percentage based on your actual situation.
Key takeaways
Book your insurance premium as a normal business expense using the matching Accountable category and your usual professional-use percentage.
When your insurer pays the repair company directly, only the VAT and your deductible excess are costs you can book; neutralise the rest with a negative line.
When your insurer pays you directly, record the full payout as non-invoice revenue under "Insurance payouts".
Personal insurance policies, such as hospitalization insurance, are not deductible and do not belong in any of the professional insurance categories.
Need help? Chat with us or email support@accountable.eu, we're happy to help.