Accounting Section

This article walks through each of the tabs on the Accounting section in the Dashboard

Kris Goeglein avatar
Written by Kris Goeglein
Updated over a week ago

What You'll Learn

This article walks through each of the tabs on the Accounting section in the Dashboard: (1) Pending approval, (2) Outstanding balance, (3) Agency payments, (4) Payables, and (5) Receivables.

Pending Approval

This tab is only applicable to agencies subscribed to Ascend Plus.

The Pending Approval tab is used to edit and approve payouts to a carrier, MGA, and your agency before they are funded.

Each policy on a program has one payout that will require review from the agency's team. Please check out this article for a detailed walk-through of the Payout Approval process.

If your agency wants to turn on Ascend's Automated Carrier Payables through Ascend Plus, please visit the informational page in the Ascend dashboard here.

Outstanding balance (Your Agency β†’ Ascend)

The Outstanding Balance tab lists any unpaid payables owed by your Agency to Ascend. Payables from your agency are owed for a variety of reasons, including:

  • Unearned commission: Return of unearned commission for cancelled policy

  • Return premium: Return of return premium received by your agency for a policy processed through Ascend

  • Transaction fee: Transaction fees covered by your agency on behalf of your customer (setting turned on by request only)

To pay the outstanding balance, click on the Make payment button, select the account you'd like to make the payment from, or choose to add a new account for the payment.

Note: Ascend does not currently support auto-deductions for outstanding balances, but we are hoping to build it out soon.

Agency payments (Your Agency β†’ Ascend)

The Agency payments tab shows all the payments made from your agency to Ascend. Payments will move from the Outstanding balances tab to this Agency payments tab once they are successfully paid to Ascend.

The details listed for each payment will show the payment method or payment account, the date it was paid, and the reason for payment.

The filters on the page allow you to select from the reasons to filter on one or multiple to customize your view:

To export a report of a filtered view or all agency payments, click the Export CSV button in the top right corner of the page. This will start the download of the agency payment records for reconciliation, planning, and other purposes:

Payables (Ascend β†’ MGAs & Carriers)

The Payables tab shows all the payments made by Ascend to Carriers and MGA/Wholesaler/Brokers on behalf of your agency.

For agencies subscribed to Ascend's Automated Carrier Payables service, this will include all carrier and MGA funding from all programs.

For agencies not subscribed to Ascend's Automated Carrier Payables service, this will include all carrier and MGA funding from financed programs only. The agency is responsible for funding the MGA or carrier for paid-in-full programs.

By clicking on a row, you can access the detailed view of the receivable that will show further information about the payment, including the funding timeline, policy breakdown, and the last 4-digits of the MGA or carrier account funded:

The filters on the page allow you to customize your view to narrow your search or locate a set of specific funding information:

To export a report of a filtered view or all agency payments, click the Export CSV button in the top right corner of the page. This will start the download of the agency payment records for reconciliation, planning, and other purposes:

To download a receipt for specific funding, click on the receipt icon on the far right end of the row for the relevant payable:

Receivables (Ascend β†’ Your Agency)

The Receivables tab shows all the payments made from Ascend to your agency, along with details such as the account funded, the reason for funding, the relevant program or invoice, the amount, and the funding date.

By clicking on a row, you can access the detailed view of the receivable that will show further information about the payment, including details from the program where the payment originated. For commission and agency fee receivables, the policy number, any documents attached to the program's quotes, and the policy's carrier and wholesaler:

The filters on the page allow you to customize your view to narrow your search or locate a set of specific funding information:

To export a report of a filtered view or all agency payments, click the Export CSV button in the top right corner of the page. This will start the download of the agency payment records for reconciliation, planning, and other purposes:

Contact Us

Need more help? Contact us at support@useascend.com for more help.

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