How to Use the Account Current Report in Momentum AMS

The Account Current report is one of the top interactive reports in Momentum AMS, providing a detailed view of your agency’s financial transactions. Use this guide to understand how to access and utilize this powerful report.

Step 1: Accessing the Account Current Report

1. Log into Momentum AMS using your credentials.
2. Navigate to the left-hand menu and click on Interactive Reports.
3. Locate the New Reports - Public Preview section and select Account Current from the list of available reports.
4. Alternatively, use the search bar at the top to quickly find and open the report.

Step 2: Understanding the Report Layout

When you open the report, you’ll see a table with detailed transaction data. Key fields include:

• Insured Name and Policy Number: Identifies the specific policy and insured for each transaction.
• Line of Business (LoB): Displays the policy’s category, such as General Liability or Commercial Package.
• Carrier and MGA: Lists the insurance carrier and MGA involved with each transaction.
• Transaction Type and Description: Shows whether it’s a new policy, endorsement, cancellation, or other transaction type, along with effective and entry dates.

Step 3: Reviewing Financial Details

The Account Current report provides a breakdown of financial components for each transaction:

1. Premium Amounts: The total premium associated with the policy.
2. Policy Fees and Taxes: Any additional charges, such as taxes or other fees.
3. Agency Fees: Fees charged by your agency that are separate from policy premiums.
4. Agency Commissions: The commission your agency earns for each transaction.

Step 4: Tracking Receivables and Payables

1. The report clearly shows Receivables, indicating amounts owed to your agency by insureds or other parties.
2. Payables reflect amounts your agency owes to carriers or MGAs.
3. Review these balances alongside transaction dates to ensure timely payments and collections.

Step 5: Filtering and Customizing the Report

1. Use the filters at the top of the report to narrow down the data by criteria such as:
   • Insured
   • Carrier
   • MGA
   • Billing Type
   • Transaction Dates
2. Adjusting these filters helps you focus on specific transactions or areas of financial activity.

Step 6: Analyzing Billing Types

1. The Billing Type column shows how each policy is billed, such as:
   • Agency Bill – Paid in Full
   • Agency Bill with Outside Financing
2. This helps you quickly identify the billing structure for each policy and its impact on your receivables and payables.

Step 7: Identifying Adjustments and Refunds

1. The report highlights negative balances, such as those caused by cancellations or overpayments.
2. Use these details to identify refunds or adjustments and resolve discrepancies efficiently.

Step 8: Using the Report for Financial Oversight

1. Regularly review the Account Current report to track:
   • Commissions earned by your agency.
   • Outstanding receivables and payables.
   • Accurate transaction timing and details.
2. Use the insights from this report to reconcile accounts, monitor cash flow, and maintain financial clarity.

Conclusion

The Account Current report is a vital tool for agencies managing financial transactions and billing activities. By providing detailed insights into premiums, fees, commissions, receivables, and payables, this report helps agencies streamline financial management and maintain a clear picture of their cash flow.

If you have questions about using this report or other features in Momentum AMS, don’t hesitate to contact our support team.