Creating a Quickbooks Account

Step-by-Step Guide: Setting Up QuickBooks Online for Insurance Agencies

Setting up QuickBooks Online for an insurance agency requires more than just basic account creation. Since agencies handle premium pass-throughs, commissions, and carrier payments, we’ll go through the initial setup while keeping in mind that the Chart of Accounts will be adjusted later once QuickBooks is integrated with Momentum AMS.

Step 1: Sign Up for QuickBooks Online

1. Open your web browser and go to QuickBooks Online.

2. Select a plan that best fits your agency’s needs. Most agencies benefit from plans that support:

   • Multiple users (for account managers, producers, or accountants)

   • Bill tracking (for carrier and MGA payments)

   • Custom reporting (to track commissions and agency revenue)

3. Click Buy Now or Start Free Trial and create an Intuit account by entering your email, password, and phone number.

Step 2: Enter Your Agency’s Business Information

1. After signing in, enter your agency name, business type, and industry (Insurance Agencies/Brokerage).

2. Confirm your business structure (LLC, Corporation, Sole Proprietorship, etc.).

3. Enter your business address and contact information.

📌 Note: These details will be used for invoicing and tax reporting, so ensure accuracy.

Step 3: Configure Basic QuickBooks Settings

1. QuickBooks will ask what you want to track. For insurance agencies, select:

   • Income & Expenses (to track commissions and pass-through revenue)

   • Sales Tax (if applicable for agency fees)

   • Payroll (optional, for paying employees or producers)

2. Skip Chart of Accounts customization for now—we will adjust it later once connected to Momentum AMS.

3. If prompted, select whether you want to connect bank accounts now or later. Many agencies prefer to wait until the financial structure is finalized.

Step 4: Customize Invoices & Payment Settings

1. Go to Settings → Custom Form Styles and edit your invoice template:

   • Add your agency logo

   • Customize the invoice fields (for agency fees or consulting charges)

   • Set up payment terms

2. Navigate to Settings → Payments and choose how you want to receive payments:

   • Enable bank transfers or credit card payments (for agency fees)

   • Integrate third-party payment processors if needed

📌 Note: Since insurance agencies often handle direct bill and agency bill transactions, invoice customization ensures clarity in how premiums and commissions are recorded.

Step 5: Set Up Users & Permissions

1. Navigate to Settings → Manage Users and invite relevant team members:

   • Accountant (if you work with a CPA)

   • Producers/Account Managers (if they need financial visibility)

2. Assign appropriate permission levels—only owners or accountants should have full access to financials.

Step 6: Prepare for Momentum AMS Integration

1. While QuickBooks has a default Chart of Accounts, it does not fully align with insurance agency transactions.

2. We will modify the Chart of Accounts once QuickBooks is connected to Momentum AMS, ensuring accurate tracking of:

   • Carrier commission deposits

   • Agency bill transactions

   • Premium financing revenue

3. Do not finalize financial categories yet—this step will be handled post-integration.

Step 7: Final Review & Next Steps

1. Confirm that your agency details, invoice settings, and user permissions are correct.

2. If you’re ready, you can begin adding transactions like agency fees, commissions, or business expenses.

3. Stay tuned for the Momentum AMS integration setup, where we’ll refine your Chart of Accounts and sync insurance-specific transactions.