Agency Accounting

 Receive a Payment

InsurancePro keeps track of every payment you receive in your agency. You can access the payment entry screen from the Main Menu, or alternatively, you can first find the client from the Main Menu, and then receive a payment from the Client Information Screen.

Selecting Client/Payer:

First you will have to choose the date of the payment and the client who you are receiving payment from. The payment does not necessarily have to be received from a client. It could be a commission check from Insurance Company, or maybe some other transaction. If money is being deposited in your bank account, you should enter it as a received payment. Note that InsurancePro automatically starts completing the field for you as you start typing. Also, if you pull down the list in “Amount Received From”, you will get more description about the client/policy. This will help you in selecting the right client, as InsurancePro may have multiple entries for the same client, as each policy has a separate entry.

Note: You can also change the Insurance Company and Policy Number for a client from this screen, by changing information in the top right corner.

Selecting “Payment For”: 

“Payment For” is the Account for which the payment is being received. You can choose an account that is already in the list, or if you want to create a new category for the payment you are receiving, you can type it in. If it is not already in the list, InsurancePro will ask you if you want to add this as a new Account (Note: Only Administrators can add new Accounts). Make sure you assign the right account, as it will be used for generating Profit & Loss Report.

Specifying Agency Fee:

“Amount” is money that the Insurance Company requires you to collect, and “Agency Fee” is the fees that your agency collects for their services. It is important to separate the Agency fee from the amount received on behalf of the Insurance Company as it is used to generate many different reports and calculate your profits.

Selecting Agent and Location:

When receiving a payment, you must also specify who is the agent receiving the payment, and if you have multiple locations setup in InsurancePro, which location this payment was received at. For CSRs who are not administrators, InsurancePro ONLY receives payments on behalf of the CSR who is currently logged in InsurancePro. However, administrators can receive payments on behalf of other users.

Agency Fee Types

You can also specify different Agency Fee types in InsurancePro. To enter Agency fee types, click on the next to the Agency Fee text box.

You can select existing types from the drop down list, or simply type in to add new types. InsurancePro would automatically update the total Agency Fees when you update this screen.

Additional Options:

• For Auto Policies, you will see a check box to Print Auto ID card. Choosing this will automatically print the Auto ID card along with the receipt.

• For Companies that have a website entered in the company setup, you will see a check box to Open Company's website. Choosing this will automatically take you to the company's website after receiving the payment

• You can also choose to Write agency check to Finance Company. Choosing this will write the check in the next step to the Finance Company, instead of the Insurance Company.

• You can also choose to send Client's Check to Insurance/Finance Company. Choosing this will indicate that the client's check was mailed to the Insurance or Finance Company, and was not deposited in the agency's account.

• You can also indicate when the next payment is due. InsurancePro will automatically set the next date based on information from Client's Policy. The agent can change it and if checked, it will also print on the receipt.

The most common transactions in an Insurance Agency are receiving down payment and monthly payments from clients. If you are receiving a down payment or monthly payment, InsurancePro will automatically fill in the fields for you. You should review it, and tab through each of the fields before saving the transaction.

Specifying Payment Method:

You have to choose the method by which the client made the payment. If the client paid by check, InsurancePro will display a field where you can enter the check number. You should always fill in the check number, as it will allow you to locate the payment easily later on if you need to.

Specifying Balance Due:

If for some reason, the payment is not received in full and a balance is due, you can indicate the amount that was received. InsurancePro allows you easily go through all transactions that have balances due so that you can collect all money that is owed to your agency.

Once you have entered all the information in this screen, you can click on Save to continue. If there is a balance due for the payment, InsurancePro will prompt you to add a Reminder Note. If you wish to be reminded to collect the payment at a certain date, please choose adding a reminder note.  You will also be prompted to print a receipt and to write a check to the Company. If you choose to write a check to the company, which should be the case in most of your transactions, InsurancePro will automatically fill up the check information for you to write.

Note: The exact time the payment was received is saved, and the receipt is printed with a time stamp.