Insurance Agency Set up

Question

We are an Insurance Agency with only Independent Agents, I set up the Carriers as Customers but I want to show each product that the carrier provides so I can get reporting by product and agent. If I set up under Inventory/Company Services I must have an have an Inventory and Cost of Sales GL Account. We are selling the products from the carriers so we do not have any inventory. Is there a way to track each product sold by the independent agents so I can track their commission??

termerins · Answer

When you set up the Inventory Items, for the 3 G/L Accounts required, put the Income G/L Account in the first field, and then for the second and third fields, put either a Cost of Sales or Expense G/L Account - but use the same G/L Account for both fields. This will allow you to track the Revenue for the sales, and then "wash out" the behind the scenes entry that Sage 50 does for the cost of the Inventory Items. Doing this will keep your system from tracking Inventory values on your Financial Statements. 
 Tammi M. Ermerins ( tammi@pcosupport.com ) 
 Certified Sage 50/Peachtree Accounting & Crystal Reports Consultant & Trainer 
 800-780-0700 / 954-961-0600, Visit Us on the Web at https://pcosupport.com

Sage 50 US

Insurance Agency Set up

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