Report: Statement of Premium Trust

The Statement of Premium Trust is designed to assist you in determining the amount of money to move between your trust and operating accounts. For those operating in states requiring customer monies be held in a separate trust bank account, this report can help demonstrate that money due to an insurance company or to be refunded to an insured, is held in trust, separate from the agency's operating funds.

Report Selections

What is this?

Reporting End Date

Option	What is this?
Current Date	Select this option to run the report as of the current date.
Select Date	Use this option to select a specific end date, other than the current date.

Division

The default is (All) or you may select a specific division.

Sort Order

The sorted output relates to invoice activity only. Select a sort order for the report by:

Customer/Policy
Customer (default)
Invoice

If Company/Policy is selected, records are sorted first by Company and then by Policy number.

Report Totals Only

Selecting this option produces a report showing totals, summarized by the following categories:

Invoice Trust Balance
Customer On Account
Broker On Account
Finance Co. On Account
Deposits Payable.

The category totals are followed by a grand total, labeled Total Trust Money.

Use this format of the report to provide a quick prediction of how much money should be in the agency trust account but the full report should be run and analyzed on a regular basis.

Description

Defaults as Statement of Premium Trust but can be changed.

Print Cover Page

Allows you to include a cover page listing the selected options included in the report. This option defaults as unchecked.

Report Fields

Report Field

Description

Invoice Activity

An invoice is included in this section if the Invoice Trust Balance is greater than $0.00.

Field	What is this?
Name	Customer Firm Name or Last Name, First Name.
Invoice	Invoice number.
Company	Company name.
Division	Division name.
Due Agency	Total amount due the agency on the invoice.
Net Payable	Total amount due the company on the invoice.
Agency Commission	Total amount of agency commission on the invoice.
Agency fees due	Total of fees being retained by the agency due from the customer on the invoice.
Late charge assessed	Late charges added to the invoice.
Fee company charge	Total of fee company charges on the invoice.
Net Broker Comm	Total of Net Broker commissions on this invoice.
Invoice eff	Invoice effective date.
Policy	Policy number.
Executive	Name of the account executive assigned to the invoice.
Rec'd/paid by agency	Amount paid to the agency by the customer or refunded to the customer by the agency (credit invoices).
Paid/rec'd from company	Amount paid to the company by the agency or received from the company (credit invoices).
Agency comm taken	Commissions are reported in this field when the company payable balance is $0.00 or less than $0.00.
Agency fees taken	Agency fees are reported in this field when the invoice receivable balance is $0.00 or less than $0.00.
Late charge taken	Late charges are reported in this field when the invoice receivable balance is $0.00 or less than $0.00.
Paid/rec'd from fee company	Amount paid to or received from any Fee Company on the invoice.
Invoice trust balance	The formula used to calculate the Invoice Trust Balance is: [Rec'd/paid by agency - (Paid/rec'd from company + Agency commission taken + Agency fees taken + Late charge taken + Paid/rec'd from fee co)]

Received From Customer On Account

Lists monies placed On Account (not applied to a specific invoice number) in a customer accounts receivable account.

Field	What is this?
Name	Customer name.
Division	Division name.
On Account	Total of on-account monies.

Received From Broker On Account

Lists monies placed On Account (not applied to a specific customer's invoice) in a broker accounts receivable account.

Field	What is this?
Name	Broker name.
Division	Division name.
On Account	Total of on-account monies for the broker.

Received From Finance Company On Account

Lists monies placed On Account (not applied to a specific invoice) in a finance company accounts receivable account.

Field	What is this?
Name	Finance company name.
Division	Division name.
On Account	Total of on-account monies.

Direct Bill Deposits Payable to Companies

Lists monies receipted within the Direct Bill Deposit section in Receipts for which no corresponding clearing check or journal entry is posted.

Field	What is this?
Name	Insurance or brokerage company.
Division	Division name.
On Account	Total of direct bill deposit monies not yet paid out to the company.

CSV Columns

CSV Columns	Description
Name	Customer, Broker or Company name.
Invoice	Invoice number (Invoice Activity section only).
InvEff	Invoice effective date (Invoice Activity section only).
Company	Company name (Invoice Activity section only).
Policy	Policy number (Invoice Activity section only).
Executive	Employee name (Invoice Activity section only).
DueAgency	Total amount due the agency.
NetPayable	Total net amount due to insurance or brokerage company.
AgencyComm	Total agency commission income.
AgencyFeesDue	Total agency fees due.
LateChgAssessed	Total late charges added.
FeeCoCharge	Total amount of Fee Company fees due the agency.
Rec'd/paidbyAgency	Amount paid to the agency by the customer or refunded to the customer by the agency (credit invoices).
Paid/rec'dFromCo	Amount paid to the company by the agency or received from the company (credit invoices).
AgencyCommTaken	Commissions are reported in this field when the company payable balance is $0.00 or less than $0.00.
AgencyFeesTaken	Agency fees are reported in this field when the invoice receivable balance is $0.00 or less than $0.00.
LateChargeTaken	Late charges are reported in this field when the invoice receivable balance is $0.00 or less than $0.00.
Paid/Rec'dFromFeeCo	Amount paid to or received from any Fee Company on the invoice.
Division	Division name.
InvoiceTrustBalance	The balance amount to be held in trust for the invoice. The formula used to calculate the Invoice Trust Balance is: [Rec'd/paid by agency - (Paid/rec'd from company + Agency commission taken + Agency fees taken + Late charge taken + Paid/rec'd from fee co)].
CustOnAccount	Amount placed On Account (not applied to a specific invoice number) in a customer accounts receivable account.
BrokerOnAccount	Amount placed On Account (not applied to a specific customer's invoice) in a broker accounts receivable account.
FinanceCoOnAccount	Amount placed On Account (not applied to a specific invoice) in a finance company accounts receivable account.
DBDepositsPayable	Amount receipted within the Direct Bill Deposit section in Receipts for which no corresponding clearing check or journal entry is posted.