How to record MGA inspection fees
Billing a client for site inspections or engineering surveys conducted during the underwriting phase.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Accounts Receivable - Client | Debit | 750.00 | - |
| Inspection Fee Revenue | Credit | - | 750.00 |
💡 Accountant's Note
MGAs often charge separate fees for risk assessment services that are independent of the policy premium.
Practitioner & Systems Framework
💻 ERP Architecture
Map to a non-premium revenue code in the billing module.
⚠️ Audit Flags
Fees charged without corresponding inspection reports on file.
📄 Required Documentation
Inspection report and itemized invoice to the client.
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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.
Related Journal Entries
Insurance Broking & MGA
Insurance Commission — Recognized at Policy Inception/Renewal (Point-in-Time)
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Contingent Commission / Profit Sharing — Variable Consideration Constrained Until Carrier Determination
Insurance Broking & MGA
Premium Trust Account — Client Premium Received (Not Broker Revenue — Fiduciary Obligation)
Discussion & Community Questions
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