Professional Services
Professional Indemnity Insurance Premium
Paying for insurance that covers legal liability for professional errors or omissions.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Prepaid Insurance | Asset (+) | 2,400.00 | - |
| Cash / Bank | Asset (-) | - | 2,400.00 |
💡 Accountant's Note
Common for auditors, architects, and consultants. It is treated as a prepaid asset and expensed over the 1-year coverage period.
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