AMS360 for accounting?

Your response to industry hot topics.

Moderators: Josh, independent guy

Riskmaster
Insurance Journal Fan
Posts: 2
Joined: Tue Jul 17, 2012 11:58 pm

Re: AMS360 for accounting?

Post by Riskmaster »

I think everyone should take a moment to really think about whats being said here. Doesn't anyone read their Insurance Journal articles? This explains everything. Our accounting procedures are much more complicated than what everyone is saying here. This applies to everyone in every state no matter how big or how small. Adapting this mindset and understanding how agency money really flows, might change the way we operate.

Any thoughts?

http://www.insurancejournal.com/magazin ... 245711.htm

http://www.insurancejournal.com/magazin ... 249479.htm
Riskmaster
Insurance Journal Fan
Posts: 2
Joined: Tue Jul 17, 2012 11:58 pm

Re: AMS360 for accounting?

Post by Riskmaster »

I found these two insurance journal articles to explain a lot about how accounting should function. Then maybe consider which systems can apply if any.

http://www.insurancejournal.com/magazin ... 245711.htm

http://www.insurancejournal.com/magazin ... 249479.htm
accountzy
Insurance Journal Fan
Posts: 1
Joined: Tue Mar 05, 2013 4:02 am

Re: AMS360 for accounting?

Post by accountzy »

If you planning to take this course online so first you just follow their guidelines and you have to check their website for their rules and regulations. It will really help you.
insaccountingveteran
Insurance Journal Fan
Posts: 1
Joined: Thu May 11, 2017 5:45 pm

Re: AMS360 for accounting?

Post by insaccountingveteran »

Excellent question. And one I considered many years ago when I got into the accounting side of the insurance industry. I used AFW for many years and then moved to AMS-360. AMS does not have a formula that shows you how much commission to move out of the fiduciary account but it does provide the exact reports one needs in order to determine how much to move. It took me a while and several iterations but I developed a formula that allowed me to make a reasonable calculation of how much needed to remain in the trust account to pay the carriers that we owed but for which we had not yet been billed. I was then able to transfer the rest of the funds over to our operating account. I did leave some float money in there, which were really part of our commissions, so that if the agency president wanted to front a client part of the premium until the insured or the premium finance company paid the balance, then there would be enough to handle the request without tapping into other insureds' premium payments which, of course, would be illegal anyway. My method is not perfect but it is close to flawless. You basically need only two reports from AMS-360. The Subsidiary Ledger for Company Payables and the Customer Aged Receivables Report. If you want to discuss further, then please feel free to contact me. I suspect, however, that after almost five years since you posted, you have developed some method to suit your need. If so, that's great. If not, I am happy to help. All the best to you.
Post Reply