A full-fledged double entry accounting system to manage all policy and claims related financial transactions
The Accounting module is a full-fledged double entry accounting system to manage all policy and claims related financial transactions. The system has insurance transactions related to GL Contra accounts maintained within the system, to manage financial transactions by fiscal year and/or by non-common policy terms.
Policy Premium Billing, including taxes and fees with customizable payment plans.
Reminder Notices, Cancellation Notices and Cancellation for non-payment of premium (CNPP) Processing can be based on invoice-due-date or premium equity-date.
The system has a reliable cash application module where payments and credits are applied to premium and charges. Allows preparing accurate journals of cash received / applied by GL Account.
Create electronic Journals or detailed extracts and interfaces to the Company General Ledger system.
The system does not allow editing of an in-place transaction. Corrections are permitted only through offsetting accounting transactions. Makes it a reliable and easily auditable system.
Robust Balancing Process across reports and across modules. Foremost is the fact that policy, claims and accounts are in an integrated single database with data updates occurring in real time, which means reports are drawing data from the same source, eliminating the nightmare of balancing reports across modules (Policy, Accounts, Claims).
Point-in-time Reporting: All reports including month end reports can be run at any time. No restrictions to run a particular report on a particular day (like Month End AR must be run on 1st day of month). Any report can be run for any past period and results will always be consistent on re-prints.