Transaction Reports in Applied Epic (Part II)
Transaction Reports Part II
In this final installment of our Reports series, this article will highlight more Transaction reports that are most effective for agency management and daily operations. While we cannot review every report found under Transaction Reports, the ones listed below have proven to be most valuable when it comes to transaction-based data tracking.
Government Payables Report
If your agency pays government taxes/fees, this report will display outstanding as well as ones paid in the Government Payables Reconciliations area in the General Ledger. Use this to balance outstanding items that have not yet been paid.
Month-End Balancing Current Premium Payables*
This report is based off the Balancing Current Premium Payables report. This is a highly useful report to run at month-end to confirm your Payable Balances with your PPEs is in align with your GL Account Balance on the Balance Sheet. When run, any differences between the two will be highlighted for each out of balance PPE. Ensure that your Balance Sheet is correct and that all payments have been paid to carriers/brokers with this report.
Month-End Balancing Producer/Broker Payables*
This report is based off the Balancing Current Premium Payables report. This is a helpful report to run to balance your GL accounts by displaying outstanding items that have not yet been paid out to producers or brokers. When run, it will highlight the difference if the payable balance does not equal the GL Account Balance for each producer/broker and will display payables that are on the Balance Sheet even for previous periods. This report can only be used if your Epic system is configured to reconcile producer and/or broker payables. If this is not something currently activated in your system and you would like to start, go to Configure > Accounting > System Settings to turn this feature on.
A Producer Commission report is used to review producer commission that is posted by month-end based on the producer’s payment method for Agency and Direct bill transactions. This is a great report to send to a producer’s My Reports for them to track their commission. You can modify the criteria to show data by month and send it to a producer’s Reports Quickview.
Production Report – Modified
This report is a production summary report with several different major sorting options. You can view columns for the transaction amount, agency commission, and Pr/Br commission sorted by Transaction types, Premium Payable, Policy/Line Type, Pr/Br, and/or Account Name. You can change the report criteria to run the report specifically based on what transaction data you want to see.
Unapplied Cash/Credit Report
This report should be run to identify if there are any client payments that have not been applied to an invoice, if credits to debits haven’t been applied, or if there is money due back to a client from an overpayment. It is recommended to run this report before closing the month.
Verify Transaction Commissions – Premium Payable Agreements
This report is used to identify discrepancies between the transacted commission information for premium payables and the company commission agreements in Epic. You can modify the criteria to show data by Agency Bill, Direct Bill, or both. You also can run the report by premium payable company or premium payable broker, or both.
Verify Transaction Commissions – Producer/Broker Agreements
This report is used to identify discrepancies between the transacted producer/broker commissions and the producer/broker commission agreements in Epic. You can modify the criteria to run the report by producer/broker to send to them individually for review.
Be sure to review all the available reports found under the Transactions section to ensure that you are running all the ones that best fit your agency’s needs. This is the last Reports section to review, so stay tuned for a complete downloadable booklet that will include the highlights off all the reports from our previous articles.
If you have any questions on any of the reports we have reviewed or would like assistance configuring a report to your agency’s needs, feel free to reach out to our KiteTech Consulting team. We’re here to help!