What It Does

Shows money owed by clients to the scheme.

The report categorises debt based on ageing periods such as:

• Current
• 30 Days
• 60 Days
• 90+ Days

This helps identify overdue premium payments.

What It Includes

• Client name
• Outstanding balance
• Ageing bucket
• Policy references
• Premium values

Why It Matters

This report is critical for:

• Cash flow management
• Debt collection
• Monitoring unpaid premiums
• Financial forecasting

Best Practice

• Review Weekly

Aged debt should be monitored regularly to prevent old balances building up.

• Focus on 60+ Day Debt

Older debt becomes harder to recover. Escalate overdue balances early.

• Reconcile Regularly

Outstanding debt may simply be unreconciled bank payments.

Always check:

• Account statements
• Reconciliation status
• Remittance records
   
• Use Filters

Filter by:

• Agent
• Client
• Insurer
• Scheme

This allows quicker investigation.

What It Does

Provides a detailed transactional breakdown of client debt.

Additional Detail Includes

• Case ID
• Record ID
• Insurer
• Policy references
• Transaction references
• Individual amounts

Best Practice

Use this report when:

• Investigating discrepancies
• Chasing specific debts
• Auditing balances
• Supporting finance teams

What It Does

Shows money owed by agents to the scheme.

This commonly relates to:

• Outstanding premium collections
• Agency balances
• Commission adjustments

Best Practice

Monitor Agency Exposure

Large outstanding balances from agents can become a financial risk.

Review Negative Balances

Negative values may indicate:

• Refunds due
• Overpayments
• Contra activity

Use Alongside Agent Statements

Cross-reference this report with:

• Agent statements
• SchemeServe transactions
• Reconciliations

What It Does

Provides a detailed transactional breakdown of agent debt.

Best Practice

Ideal for:

• Finance investigations
• Broker queries
• Audit evidence
• Debt recovery

What It Does

Shows money owed to insurers.

This includes:

• Payables
• Outstanding settlements
• Pending insurer liabilities (optional)

Why It Matters

This report is essential for:

• Insurer settlements
• Trust accounting
• Compliance monitoring
• Cash flow management

Best Practice

Reconcile Before Settlement Runs

Always ensure payments have been reconciled before paying insurers.

Understand Your Trust Model

Statutory Trust

Liabilities arise when premium is received.

Non-Statutory Trust

Liabilities may arise when cover is placed.

Your scheme configuration directly impacts this report.

Monitor Old Credits

Long-outstanding insurer credits may indicate:

• Missing reconciliations
• Incorrect allocations
• Unpaid settlements

What It Does

Detailed version of the insurer aged credits report.

Includes:

• Case IDs
• Policy records
• Individual insurer breakdowns
• Transaction detail

Best Practice

Use this report before:

• Insurer payment runs
• Audits
• Month-end close

What It Does

The Trial Balance is one of the most important accounting reports in Digit.

It shows the balances of all ledger accounts at a specific point in time.

The report confirms that:

Total debits = Total credits

If the report does not balance, accounting discrepancies exist.

Key Accounts Included:

Assets

• Client receivable
• Agent receivable
• Insurer receivable
• Client money

Liabilities

• Insurers payable
• Unearned commission
• Unearned fees

Income

• Earned commission
• Earned fees
• Withdrawn income

Expenses

• Insurer payable expenses
• Agent commission expenses

Equity

• Retained earnings
• Profit & loss movements
  
  Best Practice

Run Monthly

The trial balance should be reviewed at every month-end.

Investigate Imbalances Immediately

If balances do not reconcile:

• Check reconciliation status
• Review journal movements
• Check closed periods
• Review contra entries

Use Before Financial Reporting

Always validate the trial balance before:

• Producing accounts
• Filing tax reports
• Closing accounting periods

What It Does

Detailed transactional version of the trial balance.

Best Practice

Use for:

• Audit tracing
• Investigations
• Ledger validation
• Finance reviews

What It Does

Shows client money held within the scheme.

This is especially important for:

• FCA compliance
• Trust accounting
• Segregated funds monitoring

Best Practice

Reconcile Frequently

Client money calculations should align with:

• Bank balances
• Reconciled payments
• SchemeServe transactions

Review Segregation Rules

Ensure client money is not mixed with operational funds.

Monitor Differences

Differences often indicate:

• Unreconciled bank items
• Timing differences
• Missing remittances

What It Does

Shows profitability over a specified period.

Includes:

• Revenue
• Fees
• Commission income
• Expenses
• Net profit/loss

Best Practice

Use for Management Reporting

Ideal for:

• Directors
• Finance teams
• Performance reviews

Compare Periods

Review:

• Month-on-month
• Quarter-on-quarter
• Year-on-year

Review Earned vs Withdrawn Income

Ensure withdrawn income aligns with earned balances.

What It Does

Provides a snapshot of the scheme’s financial position.

The balance sheet follows:

Assets = Liabilities + Equity

Best Practice

Review at Period End

Use at:

• Month-end
• Quarter-end
• Year-end

Validate Key Areas

Check:

• Client money
• Insurer liabilities
• Retained earnings
• Outstanding receivables

Investigate Negative Asset Balances

Negative balances may indicate:

• Reconciliation errors
• Incorrect withdrawals
• Misallocated funds

What It Does

Shows records with non-negative balances for client money accounts.

Best Practice

Useful for:

• Cash flow reviews
• Funding analysis
• Operational finance monitoring

What It Does

Shows earned commission and fee activity.

This represents income that is officially recognised and available for withdrawal.

Best Practice

Use Before Withdrawing Income

Always confirm earned balances before processing withdrawals.

Monitor Trends

Track:

• Revenue growth
• Commission performance
• Fee income

What It Does

Shows commission and fees received but not yet earned.

Typically:

• Policy active
• Premium not fully recognised
• Income deferred

Best Practice

Monitor Revenue Recognition

This report is important for:

• Accurate accounting
• Deferred income tracking
• Compliance

Review During Month-End

Unearned balances should reduce over time as policies earn.

What It Does

Displays reconciliation adjustments applied within tolerance limits.

Best Practice

Review Frequently

Adjustments should remain:

• Small
• Infrequent
• Explainable

Investigate Repeated Adjustments

Frequent adjustments may indicate:

• Poor remittance references
• Bank import issues
• Operational process problems

Keep Tolerances Sensible

Avoid excessive tolerance limits as they can mask genuine issues.

Before closing an accounting period:

Complete the Following

Reconcile All Possible Transactions

Ensure bank statements match SchemeServe transactions.

Run Core Reports

At minimum review:

• Trial Balance
• P&L
• Balance Sheet
• Client Money
• Aged Debt
• Insurer Credits

Investigate Exceptions

Check:

• Negative balances
• Old debt
• Large adjustments
• Unreconciled items

Export Reports

Save:

• PDFs for records
• CSVs for analysis

Confirm Withdrawals

Ensure all commission withdrawals are legitimate and reconciled.

Standardise Reporting Dates: Use consistent reporting periods across teams.

Keep Reconciliations Current: Reports are only as accurate as the underlying reconciliations.

Review Closed Periods Carefully

Once closed:

• Reconciled transactions cannot be edited
• Financial data becomes locked

Monitor Pending Transactions: Pending liabilities and unreconciled items can significantly impact reporting accuracy.

Common Mistakes to Avoid
Using the Wrong Date Basis: This can completely change financial results.

Closing Periods Too Early

Always ensure:

• Reconciliations complete
• Reports reviewed
• Adjustments investigated

Ignoring Unreconciled Transactions

Unreconciled items distort:

• Client money
• Aged debt
• Insurer liabilities