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Agency Accounting |
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Overview |
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InsurancePro provides a smart, integrated Agency Accounting system.
This enables you monitor your monetary transactions.
InsurancePro features a point-of-sale system that is efficient and
user friendly. When a client makes a payment, you can easily separate out the
money that was received on behalf of the Insurance Company, and the money
that was collected for your Agency as the service fee.
Each transaction, whether it is a payment or a check, must be categorized as an “Account”. For example, if you receive a payment from a client as Down Payment, you will specify that in the “Payment for” field when you receive the payment. Similarly, when forwarding the payment to the Insurance Company as a check, you will again have to specify the “Account”. Most common Accounts (Categories) already exist in InsurancePro. However, you can always add new ones by typing it in the “Payment For” field when receiving a payment, or in the “Account” field when writing a check. You should even record commission checks that you receive from Insurance Companies as “Payments”, and also record checks written for Rent, Payroll or any other office expense.
There are many advantages of entering all monetary transactions in InsurancePro. First, you can always find transactions very quickly and easily. Payments and checks show up under the client's record also. Secondly, InsurancePro makes it easy for you to make your bank deposit at the end of each day. You can get a summary of all payments received in your office simply by clicking on “Daily Transaction Report” from the Main Menu. InsurancePro will even total the cash amount and the check amount for you. Another advantage is that you can use InsurancePro's Account Reconciliation feature to keep track of your money, and also catch any possible errors. From the Main Menu, click on the “Payments” drop down option, and then choose “Reconcile”. This screen basically lists each transaction that should have occurred in your Bank Account, whether credit or debit. You can use it to tally transactions from your bank account statement. If there was a human error or any other mistake, you will have unmatched transactions. For example, if you recorded a check in InsurancePro, but forgot to write the actual check, you will have an unmatched transaction in the actual bank statement. Thus this feature can help you prevent disastrous errors.
You also have different reporting options for payments in InsurancePro. You can view your categorized payments and checks by generating an Income/Expense Statement. Select “Business Report” from the Main Menu. Choose the dates, and then click on “Account Based” under “Profit & Loss” in the sliding Report Options. In addition to the above advantages, InsurancePro can also issue customer receipts and print your Agency Checks! Computer printed receipts and checks are a lot more convenient and professional compared to hand-written receipts or checks.
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You can also specify
Agency Fees Types. InsurancePro
can also record a check to the company for each payment received. You can
record check entries and also print them.
InsurancePro implements complex features with an incredibly easy to use
interface, so you can take full control and be on top of transactions
that takes place in your Agency.