Policy Submission Accounting
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Every insurance accounting workflow begins with an accurate policy submission. If the initial policy information is incomplete or incorrect, every downstream accounting process-including premium accounting, commission calculations, invoices, reconciliations and financial reporting-can be affected. RemoteBooksOnline helps insurance organizations implement structured policy submission accounting workflows using Premium Accounting. Whether policy information is entered manually or received from an underwriting platform, every submission becomes the foundation for premium accounting and financial operations. Premium Accounting supports policy submission workflows while integrating with QBO, Xero, Workday and Sage for financial reporting.
What Is Policy Submission Accounting?
Policy submission accounting is the process of capturing and validating policy information before any financial transactions occur. Unlike traditional accounting systems that begin with invoices or journal entries, insurance accounting begins with the policy.
Each policy submission establishes the accounting framework for:
Premium accounting- Commission accounting
- Taxes
- Fees
- Invoice generation
- Reporting
- General ledger posting
Every downstream accounting workflow depends on accurate policy submission. Learn more about Insurance Accounting, Insurance Accounting Workflow
Inside Premium Accounting
Premium Accounting includes a dedicated New Submission workflow that allows accounting users to create policy records directly inside the system. This workflow is especially valuable for organizations that do not have an integrated underwriting management system or need to enter policies manually. Users can create new policy submissions directly from the dashboard or using the floating action menu.
Policy Information Captured
A policy submission may include:
Policy Information
- Quote ID
- Submission ID
- Previous Submission ID
- Original Submission ID
- Policy Number
Policy Dates
- Effective Date
- Expiration Date
- Cancellation Date
Billing Information
- Billing Type
- Transaction Type
- Policy Action
- Endorsement Number
- Invoice Notes
Risk Information
- Risk State
Business Relationships
- Underwriter
- Insured
- Carrier
- Agency
- Wholesaler
- Finance Company
Commission Configuration
- Agency Commission Percentage
- MGA Commission Percentage
Every one of these fields becomes part of the accounting record and supports future policy transactions. Learn more about Commission Accounting
Why Policy Submission Matters
The policy submission drives every accounting process that follows.
It determines:
- Premium calculations
- Commission calculations
- Invoice values
- Accounting relationships
- Carrier settlements
- Agency settlements
- Reporting
- Financial statements
A poor submission process creates accounting problems throughout the policy lifecycle.
Previous Submission & Original Submission Tracking
Insurance policies rarely remain unchanged.
Policy accounting must support:
- Renewals
- Endorsements
- Cancellations
- Revisions
- Audits
Premium Accounting maintains policy relationships through Previous Submission ID and Original Submission ID. This allows accounting teams to maintain accurate financial relationships across multiple policy transactions instead of treating each transaction independently. Learn more about Policy Transaction Accounting
Insured Management During Submission
Policy submissions require accurate insured records. If an insured already exists, users simply select the existing record. If not, users can create a new insured without leaving the submission workflow.
Benefits include:
- Reduced duplicate records
- Faster policy entry
- Better reporting
- Improved accounting accuracy
Learn more about Insured Management
Policy Submission Workflow
Create New Submission
Enter Policy Information
Select or Create Insured
Select Carrier
Select Agency
Select Wholesaler
Configure Billing Type
Configure Transaction Type
Configure Commission Percentages
Save and Continue
After the policy submission is complete, users proceed to Policy Line Items.
Learn more about Policy Line Item Accounting
Relationship to Premium Accounting
Policy submission accounting is the first step in premium accounting.
Without an accurate submission, the system cannot properly:
- Calculate commissions
- Generate invoices
- Track premium
- Produce reports
- Synchronize accounting transactions
Learn more about Insurance Premium Accounting
Relationship to Invoice Generation
Once policy details and line items are complete, Premium Accounting generates invoices directly from the accounting workflow. If policy details change later, invoices can be regenerated using updated information. Learn more about Insurance Invoice Management
Integration with General Ledger
Policy submissions remain inside Premium Accounting while financial activity can synchronize with:
This allows policy accounting to remain connected with enterprise financial reporting. Learn more about Insurance General Ledger Integration
Why RemoteBooksOnline
RemoteBooksOnline helps organizations:
- Design policy submission workflows
- Configure policy fields
- Configure billing rules
- Configure commission structures
- Train accounting users
- Implement Premium Accounting
- Support ongoing accounting operations
Unlike software vendors, we continue supporting your accounting team after implementation. Learn more about Insurance Accounting Implementation
Frequently Asked Questions
What is policy submission accounting?
Policy submission accounting captures the information required to begin insurance accounting, including policy details, insured information, carrier relationships, billing information and commission configuration.
Why is policy submission important?
Every accounting transaction begins with the policy submission. Accurate policy information improves premium accounting, invoices, reporting and reconciliations.
Can policy submissions be entered manually?
Yes. Premium Accounting allows users to create policy submissions directly within the accounting platform when data is not received from an underwriting management system.
Can insureds be created during policy entry?
Yes. Users can create new insured records without leaving the policy submission workflow.
What accounting workflows begin after policy submission?
After the submission is saved, users continue with: Policy Line Items, Premium Accounting, Commission Calculation, Invoice Generation, Financial Reporting.
Can policy submissions integrate with our accounting system?
Yes. Premium Accounting works with: QBO, Xero, Workday, Sage.
Does RemoteBooksOnline configure policy submission workflows?
Yes. We configure policy submission workflows, accounting rules, billing structures, commission calculations and ongoing accounting operations.