Transaction Reports in Applied Epic (Part I)

As we near the conclusion of our Applied Epic Reports Series, this article will highlight the last section of Reports – Transaction Reports. Due to the large number of reports available in this section, we will be breaking this into two parts. Utilizing transaction reports assists with tracking client balances, general ledger payables, and more. We cover some of the most useful reports below, but also recommend checking out all reports available in that section to see if there are others that fit your agency’s needs.

Aged Outstanding Current Balances Report

When a transaction is created or a payment is applied to a client account, it creates a receivable entry that will show up on the Aged Outstanding Current Balances Report. This report shows an aged date to help you determine if a client still owes payment for a policy, if credits/debits need to be applied, or if a refund is due to the client. It is useful to run this report at least monthly so that outstanding items are taken care of in a timely manner. If a client has not paid for a policy transaction, their account could fall into Notice of Cancellation status, so this report can help track the aged date of items due.

Balancing Current Premium Payables

When it comes to agency bill transactions, you want to make sure that your agency has paid your carriers/brokers in a timely manner. To see what payables haven’t yet been created/reconciled for a determined time period, run this report to see what accounts still have open payables in the general ledger account. We recommend running this report quite frequently in order to make sure payments have not been missed and prevent Notice of Cancellations or E&O risk. 

Balancing Producer/Broker Payables

This report will only be useful for agencies who have the ‘reconcile producer and/or brokers’ option configured in their Epic system. If you utilize and reconcile Pr/Br Payables under General Ledger > Reconciliations, this report will show items that have not yet been reconciled and remain in the producer/broker payables GL account for the specific time period selected. This helps to ensure your producers and/or brokers have gotten paid for all accounts, and it is recommended to run this report when determining payroll for the month. To enable this reconciling option, go to Configure > Accounting > System Settings, then select the appropriate option that fits your agency needs. 

Commission Tracking Report

This report tracks agency commission for each policy by client to ensure that commission is received as expected. It will display every transaction for that policy in the policy term. You can also analyze premium and commission discrepancies that exceed a certain threshold. This report can be helpful to determine that all policies have estimated premium and commission amounts entered and that commissions have been reconciled for each policy. It will identify missing data and help determine that commissions have been received from the company or broker. It is useful to run this report at least monthly to ensure that commissions are being received and transacted in a timely manner.

Direct Bill Report

Use this report to view direct bill revenue that has been received or is still outstanding. This report has multiple criteria options depending on what kind of information you are looking for. If you select the Unpaid criteria, this will list items found in the Direct Bill Commissions reconciliation area. If you want to see commissions received, set your criteria to items Partially Paid, Fully Paid or Paid. If you want to see items that have been reconciled but do not have a receipt associated, select the Reconciled, Not Paid criteria before running the report. 

Earned Commissions Report

This report is a very helpful summary when wanting to identify total commissions earned by a company or broker. It summarizes the earned commission detail for each transaction for a policy and breaks it down in PPE order by premium earned, Pr/Br commission amount as well as agency commission earned. At the end of the report, a summary page is included for totals by PPE. It provides good insight as to how much the agency is earning from each company and broker and what the Pr/Br commissions are for a designated period. This is also a useful report for management to assess total sources of revenue by company and broker.

Conclusion

As mentioned throughout this article, many of the reports mentioned are most helpful when run frequently to keep the length of the report minimal and ensure your General Ledger remains balanced. When it comes to month or year-end balancing, reconciling outstanding balances and payables becomes more time consuming and confusing when you have 20+ pages per report. 

Our Agency Consulting team here at KiteTech, specializes in how to implement these reports, set up automatic report scheduling, and can also assist with balancing the General Ledger when the workload becomes too much. For questions or to discuss how to properly utilize any reports mentioned in the series, contact us today at consult@kitetechgroup.com. Check back next month for the Part II of Transaction Reports, which will conclude our Reports Series.