How would you record an insurance premium paid online using electronic fund transfer (EFT) in QuickBooks?

To record an insurance premium paid online using electronic fund transfer (EFT) in QuickBooks, the appropriate method is to click the Global Create button, select Expense, and then fill out the details with EFT listed as the payment method. This approach accurately reflects the nature of the transaction, as an expense is being incurred for the insurance premium payment.

When using the Expense form, you can specify the vendor (insurance company), the amount, and any relevant accounts, ensuring that the transaction is recorded correctly in both the accounts payable and the bank account. Additionally, by choosing EFT as the payment method, you are explicitly indicating that the payment was made electronically, giving clarity to the transaction records.

Other methods, such as using the Write Checks feature, typically cater to traditional checks rather than electronic transactions. Therefore, they would not provide an accurate representation of an EFT payment. Similarly, the choice to create a credit or selecting "Transaction" does not align with the formal process of recording an expense in this context, which is why recording it as an expense with EFT specified is the best approach.