Account Mapping in Momentum AMS

Account Mapping in Momentum AMS
Proper account mapping in Momentum AMS ensures that receivables, payables, commissions, and agency fees flow correctly into QuickBooks. Accurate mapping streamlines reconciliation, supports compliance with trust accounting, and prevents financial discrepancies.

Best Practice: Double-check account mapping before going live. Errors can cascade through receivables, payables, and commission records, creating reconciliation challenges.

1️⃣ Access the Account Mapping Section

Log into Momentum AMS with agency credentials.
Navigate to Miscellaneous → Import/Export → Export to QuickBooks.
Authenticate your QuickBooks account when prompted. This grants access to your QuickBooks Chart of Accounts without exposing financial data.
Proceed to Online Configuration to begin mapping.

2️⃣ Map Accounts Receivable and Accounts Payable
Receivables:

When a policy or endorsement is created, the system credits Accounts Receivable – Agency Business.
When payment is received, the system debits the Trust Account and credits Accounts Receivable – Agency Business.
This ensures trust account balances match collected funds.

Payables:

Carrier, Managing General Agent, or finance company payments debit Accounts Payable – Agency Business and credit the Trust Account.
This reduces liability and ensures proper fund disbursement.

3️⃣ Map Agency Fees

Agency fees belong to the agency and should flow directly into income.
Billing posts to Accounts Receivable – Agency Business.
When received:
- Debit Trust Account.
- Credit Accounts Receivable – Agency Business.
- Debit Agency Fee Income / Credit Trust Account (moving funds from receivable to income).

Best Practice: Avoid holding agency fees in trust. Record them directly as income.

4️⃣ Map Direct Bill Commissions

Carrier collects premium, then sends commission to agency.
Record as Commissions Receivable when expected.
When received:
- Debit Commissions Receivable.
- Credit Commission Income.
- Deposit into Operating Account.

This allows tracking of outstanding commissions and ensures deposits match expected income.

5️⃣ Map Premium Financing Transactions
Scenario 1: Financing Paid Directly to Carrier or Managing General Agent

Debit Accounts Payable – Agency Business.
Reduces liability without posting unnecessary receivables.

Scenario 2: Financing Paid to Agency First

Credit Accounts Receivable – Finance Companies (track financed funds).
Debit Trust Account (deposit).
When remitting to carrier: Debit Accounts Payable – Agency Business, Credit Trust Account.

Note: Proper mapping avoids discrepancies between receivables and payables.

6️⃣ Map Agent Commissions
Recording Liability:

Credit Commission Payable – Agency Business.
Debit Commission Expense.

Paying Agents:

Debit Commission Payable – Agency Business.
Credit Operating Account.

Adjustments (Cancellations/Returns):

Debit Commission Payable – Agency Business.
Credit Commission Expense.
Issue chargebacks or adjustments if commissions were already paid.

7️⃣ Save and Finalize Account Mapping

Review all receivable, payable, commission, and agency fee mappings for accuracy.
Scroll down and click Save.
Verify results in QuickBooks reports to confirm categorization.

Final Thoughts

Accurate account mapping in Momentum AMS enables seamless QuickBooks synchronization, efficient reconciliation, and compliance with trust accounting standards. By mapping receivables, payables, fees, commissions, and financing correctly, agencies reduce manual work, improve financial accuracy, and maintain regulatory compliance.

For customization or complex scenarios, contact the Momentum AMS Support Team.