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Insurance
Accounting Configuration

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Accounting Configuration

Create accounting periods and assign legal entities to accounting periods. Accounting Periods define the time frames used for financial reporting and accounting activities, such as months, quarters, and fiscal years. These periods determine how and when invoices, and payments are entered into the transaction journal.

Required Editions

Available in: Lightning Experience
Available in: Professional, Enterprise, and Unlimited Editions where Insurance Brokerage is enabled

It’s important to configure Accounting Periods and Legal Entity Accounting Periods before generating invoices. Once billing transactions are created and accounting rules are applied, the system automatically records journal entries. If accounting periods aren’t configured, this automation doesn’t occur.

Create Accounting Periods

Accounting Periods represent standard financial time frames used across the organization and form the foundation of automated accounting.

Example
Example

Agency Sync Brokerages, a global insurance brokerage with U.S. and U.K. legal entities, creates monthly and annual Accounting Periods to align with internal and external reporting cycles.

They create an Accounting Period for January 2026 with:

  • Start Date: January 1, 2026
  • End Date: January 31, 2026
  • Financial Period: FY 2026–27

This structure is repeated for each month and fiscal year.

Assign Legal Entities to Accounting Periods

After creating Accounting Periods, you associate them with specific legal entities by creating Legal Entity Accounting Period records. This association ensures that financial transactions are tracked and reported correctly for each legal entity.

Example
Example

After creating Accounting Periods, you associate them with specific legal entities by creating Legal Entity Accounting Period records. This association ensures that financial transactions are tracked and reported correctly for each legal entity.

Agency Sync Brokerages creates a Legal Entity Accounting Period that links:

  • The U.S. legal entity
  • The January 1 to January 31 Accounting Period
  • The FY 2026–27 financial period

Separate Legal Entity Accounting Periods are created for each legal entity and accounting period combination.

Automated Transaction Association

Once Accounting Periods and Legal Entity Accounting Periods are in place, the system automatically assigns invoices, credit memos, payments etc,. to the correct legal entity accounting period. The assignment is based on:

  • The legal entity on the transaction, such as on the invoice through Insurance Policy Billing Information.
  • The transaction date.

  • This automation supports accurate financial reporting and simplifies the accounting open and close process. At the end of each accounting period, Agency Sync Brokerages reviews and closes its accounting records. The accounting close process is described later in this document.

 
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