Financial Administration System

System Highlights

  • Cash Reporting:
    - Automatic balancing of premium income
    - Automatic balancing of all cash journals
    - Automatic disbursement of premium refunds
  • On-Line Account Support:
    - Automatic check writing
    - Multiple description general journal vouchers
    - Account inquiry and maintenance
    - Account scroll with current balance
    - General ledger account balance inquiry on-line for:
    * Year-to-date
    * Month-to-date
    * Accounting period
    - Monthly and annual budgeting capability
  • General Ledger:
    - All modules fully integrated with the general ledger
    - User defined chart of accounts on-line
    - Multiple company support for all modules
    - Automatic balancing and reconciliation between general ledger, journals and sub-ledgers
    - Budget and projection figures maintained by the system
    - Automatic general ledger entries generated from policy administration, agency and claims
    - Automatic balancing of daily general ledger
  • User Defined Financial Reporting:
    - Statutory and GAAP reporting
    - Trial Balance, Balance Sheet and Income Statement
    - Non-admitted asset analysis
    - General Ledger change analysis
    - Non-ledger asset analysis
    - Reconciliation of ledger assets
    - Income/Expense comparison reporting
    - Check reconciliation/outstanding check reporting
  • Actuarial:
    - Policy Exhibit generated monthly providing all essential data for annual statement preparation:
    * Complete Policy Exhibit by plan and year of issue
    * Due, Deferred and Advance premiums
    * Reserves by plan, year, age, and state
    * Meets GAAP and IRS requirements
    * Claim and unearned premium reserves
    * Premiums collected by state, county, and/or municipality
  • Check Writer:
    - Verifies that account numbers are valid and entries are in balance
    - Vendor name and address inserted automatically based on vendor number
    - All checks posted automatically to general ledger
    - Check printing options:
    * Individual
    * Group of checks
    * End of Day