Setting up Chart of Accounts - Agency/Broker

  1. Click the Agency/Broker tab in the Chart of Accounts (COA) dialog.
  2. Specify this information:
    Agency/Broker Account Type

    If the business unit is being used as a Broker Ledger operating within a Pay As Paid environment, the system must be able to distinguish between the parties involved in a business transaction. The following options are available:

    • Client

      Set this type on the customer accounts, for example, to identify the insured party

    • Carrier

      Set this type on the underwriter accounts, for example, to identify the insurer

    • Other

      Set this type on other parties in the transaction who need to be updated when payment is received, for example, to identify third party brokers

    • Nominal

      Set this type on all other accounts, for example, commission income to the business, or bank charges.

    When a transaction is matched, this flag is used by the matching facilities to determine which, if any, linked transactions are released for further processing.

  3. Save your changes.