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camp1
August 24, 2021
Question

Account setup for insurance agency

  • August 24, 2021
  • 1 reply
  • 0 views

I'm an independent insurance agency. We have customers that pay their premiums to us and then we pay the insurance company, basically a flow through account, no income or expense for the agency. How can I set up accounts to take the payment then an account to pay the company and still be able to run a report showing any balances due?

1 reply

Rustler
Rustler
August 25, 2021

Create a liability account called something like client due out, and a service item that links to that account

 

use that service item on an invoice or sales receipt to receive the payment

use that same item and customer name when you make the payment to the insurance company

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