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Setting up Company File for Life Insurance Broker - Customer Details

Life Insurance Broker Client - he wants his QBO to be setup as follows:

  • Client level detail for all payments he's receiving from about 3 main life insurance carriers.
  • Within the client level detail he would like to associate those that are for a few agents that he has working under him, as well as those clients that are his.
  • Ultimately wants to be able to report on revenue streams, by client, carrier, agent, etc. and use this to forecast, etc.

The deposits received into the 1 main bank account can consist of many line items of detail by customer/type of payment (% of premium, residuals, commissions, charge-backs, lead tracking charges) - these would then need to be matched by customer with the associated revenue offsets (charge-backs/lead tracking charges) booked appropriately.

All of this daily deposit detail lives w/in the database of the individual insurance carriers. Would one use a sales receipt in order to do this since he's not invoicing clients? Is this all too much detail to setup within QBO?  I want to be able to guide this process and have it be as streamlined as possible - looking for suggestions and help as to how to proceed.

Please advise on the client level detail/category setup and subsequent revenue categorizing on the P&L.

thank you!

1 Comment
QuickBooks Team

Setting up Company File for Life Insurance Broker - Customer Details

Hey there, @JessP1.


Thanks for reaching out to the Community. I can provide you with some information about setting up your company file in QuickBooks Online.


You have the option to set up your insurance carrier as a vendor, so you can keep track of those companies that you pay money to. 


Here's how:

  1. Select Expenses and then Vendors.
  2. Select New Vendor.
  3. Complete the fields in the Vendor Information window.
  4. Select Save.

When it comes to your agents, you can tag them as a sales rep. You can tun on the location tracking on your QuickBooks and enter the names of your agents.


Once done, you can now pull up the Sales by Customer Detail report to view the revenues of your client, carrier, agent. 


To do that:

  1. Choose Reports in the left navigation panel.
  2. Ensure that you're in the All section, then scroll down until you reach the Sales and Customers box.
  3. Pick Sales by Customer Detail.
  4. Enter the dates you need in the Report period fields, and select Sales Rep in the Group by drop-down. 
  5. Click Customize, then expand the Rows/Columns section, then tap Change columns
  6. Put a check mark in the Sales Rep and A/R Paid boxes.
  7. Open the Filter section.
  8. Select Invoices, Payments, and Sales Receipts in the Transaction Type drop-down field. 
  9. Click Run Report.

For more details about pulling up sales report in QuickBooks, please check out this article:

Also, to set up your company file correctly, it'd be best to understand first the chart of accounts.

This represents and organizes the company's assets, liabilities, income, and expense.


To add an account on your chart of accounts:

  1. Click the Gear icon and select Chart of Accounts.
  2. Select New in the top right corner. 
  3. Click on the Account Type drop-down to select the account type.
  4. Select the Detail Type to specify the type of account that you want to add.
  5. Enter the name of the account in the Name field.
  6. You have the option of including information in the Description field and an amount in the Balance field. 
  7. Click Save and Close.

I've attached some screenshots below to guide you through the steps:



For more information about this process, please check out these articles: 

Aside from adding an account in QuickBooks Online, you can also enter your sales transactions. Here are some helpful articles that you can refer to:

However, to ensure that your books are accurate, I'd suggest reaching out to your accountant for further assistance. 


These resources should get you on track.


Please know that I'm just a reply away should you need anything else. Have a great week ahead!

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