If you have a general insurance business, issuing debit notes is a normal activity for your business. After the documents have been printed, what do you do next? If you do not have an appropriate accounting system, you will need to enter them manually and post them. You can avoid manual work by using our CARAT Accounting GI software with general insurance billing modules.
The general insurance modules are fully integrated with the general ledger and debtors' ledger. Whenever you create, change or delete a debit note, the data is posted straight into the ledgers. You will know immediately what amounts are being owed by the client, sales tax and stamp duty indebtedness and also the premium income.
The general ledger has the standard trial balance, profit and loss account and balance sheet together with the bank reconciliation module. It is also capable of keeping track of nominal expenses, receipts from debtors as well as payments to creditors. There is no need to enter journal entries as transactions are managed on an online posting basis. Any changes saved are immediately posted to the ledgers. This allows you to avoid mistakes from being shown as they can be corrected quietly.
The debtors' ledger's function in this software is simply to maintain the debtor codes and print statement of accounts, ageing reports plus analysis reports. It also has an online sales invoice module but you will probably not use it since the general insurance billing modules are present.
The creditors' ledger is also included and contains the online purchase invoices module, ledger report and ageing reports.
The general insurance section of CARAT Accounting GI consists of the following modules:-
- Add, add from, change, display, delete, cancel, recover debit notes
- Print debit notes
- Print renewal list
- Print sales analysis by insurance classes, debit note dates, insurers, clients and salesmen
- Maintenance of insurance classes
- Maintenance of insurers
- Setting of parameters for default sales tax percentage, stamp duty, windscreen percentage and links to the general ledger
* Debit note numbers can be automatically assigned or entered manually.
In addition to the modules above, CARAT Accounting GI also has a to-do list module that allows you to enter reminders of work that needs to be carried out by a certain date. If the deadline is more than the grace days specified, the entire row is white. When the deadline is within the grace days, the row turns yellow. When it is due today, it turns green. If it is past due, the row turns red. You therefore have a great visual status of each to-do item.
To download a trial copy of CARAT Accounting GI, click here.