Education
Tuition Insurance Premium (Agency)
Collecting optional tuition insurance fees from parents to be remitted to a 3rd party insurer.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Cash | Asset (+) | 100.00 | - |
| Due to Insurance Provider | Liability (+) | - | 100.00 |
💡 Accountant's Note
The school offers insurance to parents. The school is not the insurer; it is an agent. The liability is cleared when the premiums are sent to the insurance company.
Professional Excel Template
Get the automated version of this entry. Includes built-in IFRS checks, VAT calculators, and SAP-ready upload formats.
QA
Expert Analysis by Qusai Ahmad
General Accountant Supervisor & IFRS Specialist
Specialized in SAP GUI automation and Middle Eastern tax compliance. Building digital tools for the next generation of finance leaders.