MGA has APPGEN accounting system lookup and cross reference features. |
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- Rating system is single point of entry for all basic information on brokers, insured, and carriers
- Creates A/R transactions from policy invoice information passed by rating system
- Creates G/L distributions for all carrier payments, tax payments, broker commissions and association fees
- Automatically creates deferred A/P vouchers for carrier payments, tax payments, broker commission and association that are released by receipt of policy payments
- Handles pre-deducted and direct bill commission methods
- Queues up account transfer transactions from trust funds to operating account waiting for approval
- Cancellation transactions automatically create charge back A/P vouchers for carrier payments, broker commission, tax payments, and association fees where applicable
- Renewals after cancellations automatically create the transactions necessary to back out the cancellations
- Trust accounts tied to line of business to allow automatic selection of proper deposit account during cash receiving
- Cash receiving properly segregates broker payments and finance company payments
- Finance company checks for multiple policies across multiple broker accounts are handled automatically
- Broker over-payments may be kept with the specific policy or applied as an open credit to the broker account
- Finance company over-payments are properly kept separate from broker accounts
- Cash application has the option to re-apply to another policy or create a refund voucher
- Cash receiving automatically releases payment vouchers for fully paid policies
- Cash receiving automatically releases trust fund transfers when required amounts have been received against a policy
- Cash receiving can automatically approve waive small balances below pre-set limits to approve a policy as fully paid
- Accounting department defines small balances waived limit
- Operator sees all open items on a policy during cash applications to insure cash is applied to the correct items
- Broker check cash applications are restricted to that broker's policies
- Cash receiving transactions are archived for later reference at any time
- Accounting documents can be located by policy number, insured, or broker as well as document numbers. business
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Amongst the software applications that we have developed are Property Owners Association Management including Recreational Lake Management, Mass Billing for small utilities, other volume billing and receiving operations, and Master General Agency for the insurance industry. See more or our products and services to learn how we can serve your needs. |
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