Insurance
Broker Commission Payable — Outward
Accruing the commission owed to the placing broker for new business written through the broker channel.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Broker Commission Expense (Outward) | Expense (+) | 2,400.00 | - |
| Broker Commissions Payable | Liability (+) | - | 2,400.00 |
💡 Accountant's Note
Brokers earn commission (typically 15-25% of premium) for placing business with insurers. The commission is an acquisition cost and should be treated as DAC if IFRS 17 capitalization criteria are met.
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