Education - Course Name: Accounting Unique to Insurance Agencies (Lesson 1)

Course Name: Accounting Unique to Insurance Agencies

Course Description: Not all accounting is created equal! Come learn how and why insurance agency accounting differs from standard bookkeeping and accounting practices. Learn from an expert about agency-specific tasks - Janet Tuttle, Director at TDECU Insurance Agency LLC will guide your journey through these concepts vital to understanding the financial aspect of your agency.

This course is applicable to all insurance management systems and is not specific to any single Vertafore management system. The information shared during this webinar series will be particularly helpful to agency accounting personnel with limited insurance accounting experience and the accounting novice who wants to know the impact of billing processes. This is also great information for customer service staff responsible for billing. And, if you are an agency owner or manager who wants to have a better understanding of the financial side of your business, this is a must-attend course.

Course Workbook Table of Contents:

Introduction to T-Accounts ................................................................................ 4

Financial Statement Components ..................................................................... 4

Introduction to Financial Statements ................................................................. 8

Insurance Agency-Specific T-Accounts ........................................................... 15

Invoicing Effects on T-Accounts and Financial Statements ............................. 20

Premium Finance Company ............................................................................ 45

Bank Reconciliation ......................................................................................... 68

Accounts Payable-Insurance Companies Reconciliation ................................ 71

Accounting Differences-Overview ................................................................... 78

Direct Bill Commissions ................................................................................... 81

Some Final Accounting Tips and Tricks .......................................................... 90

Accounting Entry Impact on Common General Ledger Accounts ................... 92