PRACTICAL GUIDE
Agency bill reconciliation in AMS360
To reconcile an agency-bill carrier statement in AMS360, compare each carrier charge or credit with the corresponding agency invoice, agency commission, net payable, and payment history. Use Company Accounts Payable to investigate balances and Account Current Statement to review the proposed settlement. Match the reporting scope before comparing totals, resolve differences with supporting records, and retain the approval and remittance evidence.
Start with the carrier, cutoff, and billing basis
Choose one carrier account and one cutoff before opening a spreadsheet. Record the agency code, division, statement date, currency, and whether the statement shows period activity, outstanding balances, or both. A September statement can include an unpaid July item. Carry that item forward under its existing reference and trace its balance and settlement history.
Keep agency bill separate from direct bill. Here, the question is what the agency owes the carrier under the applicable billing arrangement. Track customer collection status in its own column, and use the carrier's payment terms to determine when the agency must remit. Investigate overdue customer balances through the collections process.
Save the carrier statement exactly as received. Use a separate working copy for normalized identifiers, notes, and calculations. Someone reviewing the work later should be able to move from your conclusion back to the original row without reconstructing what you changed.
Choose the AMS360 report that answers the question
Vertafore documents Company Accounts Payable as a register of invoice activity open during the selected range, including items fully paid within that range. Separate new billing from settlement activity when reviewing its rows. Account Current Statement includes distinct amounts for net payable, previous payments, and current payment. [1, 2]
| Report | Use in the reconciliation | Review step |
|---|---|---|
| Company Accounts Payable | Trace invoices and related payment activity. | Review the settlement history of paid-in-period items. |
| Account Current Statement | Review the proposed carrier settlement. | Separate the current payment from the original obligation. |
| Billing Register | Investigate what billing was posted. | Trace posted billing through subsequent credits and payments. |
The documented Classic Reports route is 360Toolbox > Classic Reports. Company Accounts Payable is also available through relevant Quick Reports. Report visibility depends on security permissions. Ask the accounting administrator to check access when the required report is absent, and retain the selected report name with the reconciliation. [5, 6]
Export a usable file without losing the original evidence
For an exportable Classic Report, complete its selection form and use File > Create CSV. Vertafore distinguishes this from exporting a formatted report through the viewer. Check that Create CSV is enabled for the selected report before planning the data extract. Keep a PDF or preview alongside the data file so headers, selections, and control totals remain available. [4]
Import identifiers as text. Preserve leading zeros, suffixes, invoice numbers, and carrier codes. Copy the raw value into one column and use another for a cleaned comparison value. Remove decorative spacing carefully; do not automatically remove characters that distinguish one policy term or transaction from another.
- Record the exact report, date settings, company selection, division, and extraction time.
- Check that the first and last records imported correctly and that numeric columns are numeric.
- Separate detail rows from headings and repeated totals before summing.
- Keep source row references so every matched item remains traceable.
Explain timing differences before calling something missing
Pay Account Current uses a Through Date based on the later of Invoice Date and Invoice Effective Date. Its modifiers also distinguish invoices paid in full to the agency from invoices partially paid or unpaid. Those selections change the population available for review. [3]
For example, an invoice entered September 28 with an October 1 effective date falls after a September 30 Through Date under that rule. A carrier might show it in a different reporting population. Compare the source dates, document the timing difference, and locate the existing invoice before deciding whether the agency record needs a correction.
When a match is missing, widen the investigation to nearby dates while keeping the original cutoff fixed in the reconciliation. Label any newly found transaction as a timing item. Record whether a subsequent payment or correction occurred after the cutoff so it does not silently rewrite the historical position.
Keep gross, net, payments, and signs distinct
Company Accounts Payable documents AgencyGross, NetPayable, PaidToCo, and TotalPaid as different fields. Determine whether each export row represents an invoice, a payment, or another accounting transaction. Count each invoice-level total once when it accompanies several payment rows, then reconcile the related payment detail separately. [1]
| Field | Meaning in the review |
|---|---|
| AgencyGross | The billed premium or other invoice amount before the carrier net calculation. |
| NetPayable | The invoice amount payable to the company. |
| PaidToCo | A payment applied to the invoice through a check, receipt, or journal entry. |
| TotalPaid | All payments associated with the invoice; repeated values need care. |
Build a small sign dictionary for the actual export. Take a known new charge, a known return credit, and a known carrier payment, then trace each to its underlying record. Preserve the original sign and add a separate analytical amount. In the worksheet below, positive means still owed to the carrier; negative means a credit reducing that amount.
Record the raw field, transaction type, and worksheet treatment for each sample you trace. Include a reversal and a beginning-balance item when they appear in the file. Reuse this mapping during the review so every charge, settlement, and credit enters the calculations consistently.
Worked example: a partial payment and a missing credit
Start with the original charges and commission treatment, then apply settlements to their specific invoices. The review below has two differences to investigate: a prior payment and a credit awaiting application.
| Reference | Net obligation | Prior payment applied | Agency open amount | Carrier open amount |
|---|---|---|---|---|
| INV-101 | 8,500 | 3,000 | 5,500 | 8,500 |
| INV-102 credit | -425 | 0 | -425 | 0 |
| INV-103 | 1,700 | 0 | 1,700 | 1,700 |
| Total | 9,775 | 3,000 | 6,775 | 10,200 |
The carrier total exceeds the agency total by $3,425. That difference consists of the $3,000 payment plus the $425 credit. Resolve the payment by locating its reference, bank evidence, and carrier allocation. Obtain the credit document and determine which settlement should include it.
Apply each item to the correct carrier account and settlement period. If the payment went to another account or the credit requires separate handling, update the proposed remittance accordingly. Maintain the $10,200 statement amount, the $6,775 agency position, and the $3,425 open difference as separate figures while collecting the evidence and recording the decision.
Work exceptions in an order that reduces rework
- Confirm identity: company, account code, policy or bond number, term, invoice, and transaction.
- Check scope: date selection, division, customer-payment filters, and prior-period open items.
- Check the amount basis: gross premium, commissionable base, commission, taxes, fees, and net amount.
- Trace settlement: partial payments, reversals, credits, and payments awaiting carrier application.
- Assign each unresolved difference an owner, next action, due date, and evidence reference.
Match a policy number with its term and transaction. A renewal, endorsement, installment, or cancellation can reuse the number. When several candidates exist, compare the transaction documents and dates before selecting a match. Keep ambiguous rows in the exception list, with the specific document needed to distinguish them.
For a commission difference, compare the applicable agreement or transaction-specific instruction with the billed basis. A $50 variance could reflect a different rate, a noncommissionable fee, or a separate adjustment. Classify the cause from the agreement and transaction evidence, then record the amount and correction needed.
Review the settlement and preserve the audit trail
Use the Account Current Statement's Agency Reconciliation format internally when its additional receivable and invoice fields help the review. Keep that internal format with the reconciliation file, and prepare the carrier-facing remittance using the appropriate approved output. [2]
Keep reconciliation separate from payment authorization. The Pay Account Current modifiers can set amounts to the remaining payable balance and mark a statement Ready to Pay. Review the selected population and proposed amount before using payment-related settings, then record the agency's approval alongside the settlement. [3]
After authorized corrections or payment, rerun the relevant detail and confirm the intended items changed. Retain the original statement, raw exports, exception log, approvals, payment reference, and updated position together. Carry unresolved issues forward by their existing reference so next month's reviewer sees the history.
Use AMS360 exports with EvenPenny
Runs on exports from Vertafore AMS360. EvenPenny uses general ledger, transaction, and activity exports to bring the agency records into the reconciliation. Start with one statement period and keep the export cutoff aligned with the carrier statement.
EvenPenny handles 12 carrier statement formats across PDF, Excel, and CSV, including scanned PDFs read with OCR. New carrier formats are added during onboarding.
EvenPenny parses the agency-bill statement and matches its lines to AMS360 transactions. You see ready to remit, needs review, and already paid lists, with totals that foot to the carrier's statement total. Use the exception detail to compare the statement line and agency entry, then retain the supporting documents with the decision.
Common questions
- Why does Company Accounts Payable include an invoice already paid?
- The report includes invoice activity open during the selected range, including invoices paid within that range. Inspect the payment history and remaining position, and identify any settlement still due before including the invoice in a new payment.
- Can I reconcile from the carrier statement total alone?
- Match the underlying transactions as well as the total. Equal totals can conceal offsetting mistakes, wrong terms, or duplicate items. Explain the original obligation, prior payments, and current balance separately, then retain the row-level evidence behind the proposed settlement.
- Which AMS360 exports does EvenPenny use?
- Runs on exports from Vertafore AMS360. Use the general ledger, transaction, and activity exports for the statement period being reconciled. Keep the original files, record their selections and cutoff, and preserve transaction references so each exception can be traced back to its source.