Credit Positive = Credits increase balance of the account
Debit Positive = Debits increase balance of the account
| Account Category | Account | Description | Debit/Credit Positive |
|---|---|---|---|
| Asset | Agents Receivable | Money due from agents | Debit + |
| Asset | Clients Receivable | Money due from clients | Debit + |
| Asset | Insurers Receivable | Money due from insurers | Debit + |
| Asset | Client Money | Money received in relation to a premium, will correspond to an actual bank account | Debit + |
| Asset | Other Money | Withdrawn income | Debit + |
| Equity | Other Equity | Withdrawn income moved here at end of closed period | Credit + |
| Equity | Retained Earnings | Profit/loss moved here at end of closed period | Credit + |
| Expense | Agents Commission | Commission retained by agent | Debit + |
| Expense | Insurers Payable | Money due now to insurer | Debit + |
| Expense | Unearned Commission | Case has gone on cover but Commission not yet earned | Debit + |
| Expense | Unearned Fees | Case has gone on cover but Fees not yet earned | Debit + |
| Income | Commission Withdrawn | Commission that has been withdrawn | Credit + |
| Income | Fees Withdrawn | Commission that have been withdrawn | Credit + |
| Income | Earned Fees | Fees that are withdrawable | Credit + |
| Income | Earned Commission | Commission that is withdrawable | Credit + |
| Income | Sales | Added to when case is put on cover – i.e. Money owed to site (P&L) | Credit + |
| Liability | Agents Commission | Commission now due to agent | Credit + |
| Liability | Agents Commission Pending | Commission that will be due to agent when risk group paid | Credit + |
| Liability | Agents Payable | currently unused | Credit + |
| Liability | Agents Payable Pending | currently unused | Credit + |
| Liability | Clients Payable | currently unused | Credit + |
| Liability | Insurers Payable | Money due to insurers | Credit + |
| Liability | Insurers Payable Pending | Money that will be due to insurers when premium received | Credit + |
| Liability | Unearned Commission | Commission that will be due when premium is paid | Credit + |
| Liability | Unearned Fees | Fees that will be due when premium is paid | Credit + |
Note that these accounts are divided into five types, which correspond to either the Profit & Loss statement or the Balance Sheet:
- Profit & Loss: Income/Expense
- Balance sheet: Assets/Liabilities/Equities
The Profit & Loss statement and the Balance Sheet are separate entities and would not usually be displayed together, they are only combined on the trial balance report to make sure that they balance each other out (i.e. the total balance should be zero)
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