General ledger
Double-entry accounting with a real chart of accounts, journal entries including recurring, accounting periods and period close. The ledger is the ledger, not a summary of one.
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GL · trust · commissions · payroll
Accounting a real general ledger, not an export to your accountant.
This is the part most agency software quietly leaves out, and it is the part that decides whether your team lives in one system or three. PrismAMS includes a real general ledger, trust accounting built for fiduciary money, and commission reconciliation that actually reconciles. Not a report you export into something else.
- Double-entry
- Real GL, not a report
- Trust
- Fiduciary handling built in
- Reconciled
- Statement to policy
- One system
- No month-end export
What's included
Everything in accounting, shipped today.
Trust accounting
Fiduciary funds kept and reported as fiduciary funds, which is the requirement that most general-purpose accounting packages cannot meet for an agency.
Commission reconciliation
AICarrier statements read and matched against the policies they are supposed to be paying on, so the ones that do not match surface instead of being absorbed. This is where agencies routinely find money.
Bank feeds & reconciliation
Live bank connections, matching and reconciliation, with the ledger and the bank agreeing rather than approximately agreeing.
Invoicing, payments & checks
Invoices, estimates, payment capture and check writing, tied to the client record rather than living in a separate billing tool.
Payroll
Employees and contractors, pay runs, filings, and sales-commission payouts calculated from the same commission data the reconciliation runs on.
Surplus lines
Surplus lines tax handling kept with the policy and the ledger, so filing is a report rather than a reconstruction.
Budgets, fixed assets & tax reporting
Budgeting with variance, fixed-asset schedules and depreciation, quarterly taxes and year-end reporting.
Vendors & expenses
Vendor records, expense capture and the payables side, in the same ledger as everything else.
How it works
Four steps, no export in the middle.
- 01
The policy is the source
Premium, commission and fees originate on the policy record, so the ledger is downstream of the book rather than a parallel set of numbers.
- 02
Carrier statements come in and get matched
Statements are read and reconciled against expected commission per policy. Variances are surfaced by size.
- 03
The bank confirms it
Bank feeds reconcile the cash side, including the trust accounts, against what the ledger says should have moved.
- 04
Close the period
Period close, reporting and filing run off one set of books. There is no export-and-hope step.
Why it's different
The reason a second system stops being necessary.
- An AI layer sitting on top of your AMS cannot see the money at all. Coverage questions and billing questions get answered by different systems that do not agree.
- Commission reconciliation only works when the policy data and the statement data are in the same place. Otherwise it is a spreadsheet.
- Trust accounting is a compliance obligation, not a feature. General-purpose accounting packages are not built for it.
- One ledger means one month-end, one audit trail and one set of numbers to defend.
FAQ
Common questions.
+Do we still need QuickBooks?
For most agencies, no. The general ledger, trust accounting, payables, payroll and reporting are all here. Agencies with unusual entity structures sometimes keep a separate corporate book, and that is a conversation worth having on a demo.
+How does commission reconciliation handle a statement that does not match?
It surfaces the variance against the policy it should have paid on, ranked, rather than netting it away. The finding is the product.
+Is trust money actually segregated?
Yes, trust accounting is handled distinctly from operating funds, with its own reconciliation, because the fiduciary requirement is different from ordinary bookkeeping.
See PrismAMS for your agency.
30 minutes. We'll walk through your real workflows in a tenant set up for you. No slideware.