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Suzi27
Level 1

Recording Insurance Sales and Commissions

Hello, I'm new to using Quickbooks and I'm trying to understand how to track Insurance Sales and Commissions for an independent insurance agent.  If the money for the sale of insurance policies ( auto,home, life, etc) is paid directly by consumers to the insurance provider and does not pass through the account of the insurance agent, how is that entered or tracked on Quickbooks. How are commissions from the various insurance companies that the agent works with entered as income? Can individual customers ( consumers) be listed in quickbooks to track sales and keep track of when policies are due to renew each year ? Thanks for any advice as I learn how to navigate the program.

Solved
Best answer February 04, 2021

Best Answers
K_Siman
QuickBooks Team

Recording Insurance Sales and Commissions

Good afternoon @Suzi27! Thanks for reaching out to us here in the Community for advice. I'm happy to give my suggestions and of course, this forum is open for other customers like yourself to share their ideas with you. 

 

The first suggestion I have is to create service items for the types of insurance (auto, home, life, etc) and then link them to an income account. Then you can set up your individual customers so that you can keep track of those sales. Here's how:

  1. Go to the Invoicing menu.
  2. Select the Customers tab
  3. Select New Customer.
  4. Enter your customer’s info.
  5. Select Save.

Lastly, you enter in the agents as either a class or location to track their sales individually. Once that's all set up, you can use the service items on the sales forms per customer and then select the agent's name. This makes it easy to run reports to get the information you need.

 

If you have any questions or need anything clarified, don't hesitate to reply to this post! All of us are eager to help set you up for success!

 

 

View solution in original post

1 Comment
K_Siman
QuickBooks Team

Recording Insurance Sales and Commissions

Good afternoon @Suzi27! Thanks for reaching out to us here in the Community for advice. I'm happy to give my suggestions and of course, this forum is open for other customers like yourself to share their ideas with you. 

 

The first suggestion I have is to create service items for the types of insurance (auto, home, life, etc) and then link them to an income account. Then you can set up your individual customers so that you can keep track of those sales. Here's how:

  1. Go to the Invoicing menu.
  2. Select the Customers tab
  3. Select New Customer.
  4. Enter your customer’s info.
  5. Select Save.

Lastly, you enter in the agents as either a class or location to track their sales individually. Once that's all set up, you can use the service items on the sales forms per customer and then select the agent's name. This makes it easy to run reports to get the information you need.

 

If you have any questions or need anything clarified, don't hesitate to reply to this post! All of us are eager to help set you up for success!

 

 

View solution in original post

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