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      How to Sync Transactions from Momentum AMS to QuickBooks

      How to Sync Transactions from Momentum AMS to QuickBooks

      This guide walks you through the step-by-step process of syncing policy transactions from Momentum AMS to your QuickBooks account.

      Step 1: Log Into Momentum AMS

      Begin by logging into your Momentum AMS account. You’ll need access to the policy or policies you want to sync.

      Step 2: Navigate to a Policy

      Go to the policy you wish to work with. Ensure the premium has been entered, but the billing breakdown has not yet been finalized.

      Step 3: Enter Billing Details

      Input all applicable billing items for the policy. These may include:

      • Broker Fee

      • Surplus Lines Tax

      • Agency Fee

      • MGA Fee

      • Policy Fee or Inspection Fee (optional)

      You can enter each item with the appropriate dollar amount. Be sure to select whether each item is fully earned or not.

      Step 4: Generate Transactions

      Once all fees and premiums are entered, click “Generate Transactions.” This will create all the required accounting entries, such as:

      • Accounts Receivable

      • Accounts Payable

      • Agency Revenue

      • Commissions

      • Taxes and Fees

      Step 5: Review Billing Structure

      Decide how the policy is being paid:

      • If premium financing is involved: Designate the down payment as the receivable and the remainder as financed.

      • If agency billed and paid in full: The full premium will be recorded as the receivable, with the total payable to the carrier or MGA.

      Once confirmed, proceed to create the invoice and issue the payment entries.

      Step 6: Open QuickBooks Mode

      From the policy screen, switch to QuickBooks Mode. This view will display all available transactions ready for export. You’ll see a legend that shows whether mapping has been set up and whether an item has been exported.

      Green checkmarks indicate that the transaction has valid mapping. After export, a QuickBooks journal entry ID will appear next to each item.

      Step 7: Export to QuickBooks

      Select the items you wish to export. You can choose:

      • A single transaction

      • Multiple transactions

      • All available transactions

      Select Option 5 for the most natural journal entry format (recommended for most agencies). Option 6 can be used if you're working on an accrual basis and prefer the entry date over the effective date.

      Click “Export” to sync the transactions with QuickBooks.

      Step 8: Review Journal Entries in QuickBooks

      Open QuickBooks and search using the magnifying glass to locate the newly created journal entries. You’ll see:

      • Debits to Accounts Receivable

      • Credits to Accounts Payable

      • Agency commissions and income

      • Producer commissions

      • Any offsets for financing (if applicable)

      Each entry is tied to a specific policy and contains full financial detail.

      Step 9: Record Additional Payments

      In Momentum AMS, record the following as needed:

      • Client Payment: Use the “Take Payment” option to apply the down payment or full premium.

      • Carrier/MGA Payment: Issue the outbound payment reflecting the amount due.

      • Producer Payment: Record commission payments to agents/producers.

      Each of these actions will create additional journal entries that can be exported to QuickBooks following the same steps.

      Step 10: Revisit QuickBooks Mode

      Return to QuickBooks mode in the policy. Newly created entries will be shown and can be exported using the same process. Momentum will automatically identify which entries have already been exported.

      Step 11: Bulk Export (Optional)

      If you want to sync multiple policies at once, go to: Miscellaneous Accounting Items > QuickBooks Sync
      Use filters to select policies by:

      • Effective Date

      • Client

      • Line of Business

      • MGA

      • Financing setup

      Once filtered, select the desired policies and export them in bulk.

      Important Notes:

      • Keep exports to about 20 policies at a time to avoid timeouts or errors.

      • Once transactions are exported, they cannot be edited in Momentum unless you clear the QuickBooks mapping.

      • Clearing the mapping does not delete journal entries in QuickBooks. You’ll need to delete those manually before re-exporting to avoid duplication.