Tax
Annual Employee Health Insurance Payment
Paying the yearly premium for staff medical insurance (Jordan/GCC).
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Prepaid Health Insurance | Asset (+) | 12,000.00 | - |
| Cash / Bank | Asset (-) | - | 12,000.00 |
💡 Accountant's Note
Insurance is almost always paid upfront. You record the total as a 'Prepaid Asset' and then amortize $1,000 each month to the expense account.
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QA
Expert Analysis by Qusai Ahmad
General Accountant Supervisor & IFRS Specialist
Specialized in SAP GUI automation and Middle Eastern tax compliance. Building digital tools for the next generation of finance leaders.