Account Current (AC)

Overview

Account Current (AC) is a billing arrangement where the producer collects the full premium from the insured and then remits the carrier’s share to the agency on a regular schedule. The agency deducts the producer’s commission from the remittance.

This is in contrast to Non-Account Current (NAC), where the agency bills the insured directly.

How Account Current Works

1. The policy is issued and the producer is flagged as an account current producer.
2. The producer collects the full premium from their insured.
3. On a regular schedule (monthly or quarterly), the producer remits the carrier share to the agency.
4. The agency reconciles the remittance against the policy records.
5. Producer commission is deducted automatically from the remittance.

Account Current Smart Table

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Account Current smart table showing producer name, policy list, premium due, payment status, and aging columns

Account Current smart table showing producer name, policy list, premium due, payment status, and aging columns

Navigate to Accounting > Account Current to see all AC policies grouped by producer:

• View each producer’s outstanding balance
• Track which policies have been paid and which are pending
• Monitor aging — identify accounts that are overdue
• Filter by producer, date range, or payment status

Tip

Sort the Account Current table by the Aging column to quickly identify the most overdue producers for follow-up.

AC Statements

LAMS generates per-producer account current statements that list all policies on the account with amounts due. These are available from Reports > Account Current Reports.

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Account Current statement showing producer name, list of policies with premiums, commission deduction, and net due

Account Current statement showing producer name, list of policies with premiums, commission deduction, and net due

Statements can be sent to producers by email directly from the report screen.

Reconciling a Payment

When the producer remits payment:

1. Navigate to the producer’s account in the Account Current table.
2. Locate the policies being paid.
3. Click Record Payment and enter the payment details.
4. Verify the remitted amount matches the statement balance.
5. Save — the account balance updates immediately.

Producer Setup

Whether a producer uses account current or direct billing is configured on their producer record in Administration > Producers. Contact your administrator if a producer’s billing arrangement needs to change.

Note

AC producers receive a consolidated statement rather than individual policy invoices. If a producer asks about a specific policy, refer them to the statement for that billing period.