LedgerMatch
Bank Reconciliation Software for Insurance Agencies
Insurance agencies receive commission income from multiple carriers — State Farm, Allstate, Nationwide, or independent carrier networks — each paying on a different schedule and with a different payment method. Commission statements often don't match the deposit amount exactly due to chargebacks, policy cancellations, and advances. LedgerMatch matches every commission deposit and operating expense against your QuickBooks ledger in under 10 minutes.
Common reconciliation challenges for insurance agencies
- Carrier commission deposits net policy cancellation chargebacks — the net deposit never matches the gross commission statement total in QuickBooks
- Multiple carriers depositing on different schedules create a constant stream of deposits that need to match the correct carrier account in QuickBooks
- Premium refund deposits and return premiums must be reconciled against the corresponding policy cancellation entries
How LedgerMatch helps
- Tolerance matching handles net commission deposits — annotate the chargeback difference in the exception queue with the policy number
- 97% auto-match rate across all carrier deposits — insurance agency bookkeepers process monthly reconciliation in under 30 minutes
- Exception queue lets you document premium refunds and return premiums with policy reference numbers
Industry note
Insurance agencies in most states must maintain a separate premium trust account for unearned premiums — LedgerMatch can reconcile both the operating and trust accounts independently, producing a clean reconciliation report for E&O compliance.
Common banking and accounting tools
- Chase
- Wells Fargo
- Bank of America
- Regions Bank
- TD Bank
- QuickBooks Online
- Applied Epic
- HawkSoft
- AMS360
- Xero
Explore related resources
Install LedgerMatch
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