Independent insurance agencies
Accounting software for insurance agencies: commission income, carrier payables and producer splits
An agency's income is commission, paid by carriers on statements, and split with producers. Agency-billed policies add premiums collected from clients and owed to carriers. AcboBooks keeps commissions by carrier, carrier payables in the open, and producer splits on payroll or as contractor bills.
For independent property and casualty, life and benefits agencies in the US and Canada, $399.99 once.
No card, no account. Windows 10 and 11. United States and Canada.
What it means
In practice
Commission by carrier
Each carrier is a customer. Record each commission statement as an invoice or sales receipt by line of business, and Sales by Customer shows which carriers pay you most.
Agency-bill premiums
When you collect premium for a carrier, it is not your income. Hold the premium owed as a payable to the carrier and pay it net of your commission, so the books show what you really earned.
Producers paid their split
Employee producers get commission as a pay item on payroll. Independent producers are paid by bill and get a 1099-NEC or T4A.
Commission income by line of business.
Your agency system tracks the policies. AcboBooks keeps the books.
Each month, enter the carrier statements, match the commission deposits to the bank, and see commission income by carrier and by line of business.
If you hold client premiums in a separate fiduciary bank account, reconcile it separately. State rules on premium trust accounts vary; confirm yours.
What is in the licence
The whole job, in one price
Accounts to set up
Income
Producers
Control
Operating and fiduciary accounts reconciled.
What it does not do
· Not an agency management system: no policies, renewals, downloads from carriers or commission reconciliation by policy.
· Windows 10 and 11 for now (a Mac version is coming soon); no phone app.
· It imports your bank's statement file rather than connecting live to the bank.
Questions people ask
Before you download
Do I charge GST/HST on commissions in Canada?
Arranging insurance is generally an exempt financial service, so most agencies do not charge GST/HST on commissions and cannot claim input tax credits on related costs. CRA GST/HST Memorandum 17.9 covers agents and brokers; your accountant can confirm.
How do I record agency-billed premiums?
Receive the client's premium, record what you owe the carrier as a bill or liability, and keep your commission as income. Pay the carrier the net amount.
Can I see commission by producer?
Yes. Assign each producer as a sales rep on the commission entries, and Sales by Rep shows their sales and their split at their rate.
Can I track contingent commissions?
Yes. Use a separate income account or item for contingent and bonus commission, and it shows on its own line on the P&L.
Coming from something else?
How it compares to what you use now
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Guides, tools and templates for this
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Commission in, carriers paid, producers squared.
Enter one carrier statement in the free trial.
No card. No account. Nothing to cancel.