Insurance
Policy Administration System Annual Subscription
Paying the annual fee for the core insurance policy administration and billing platform.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Prepaid IT — Policy Admin System | Asset (+) | 120,000.00 | - |
| Cash / Bank | Asset (-) | - | 120,000.00 |
💡 Accountant's Note
Policy admin systems are the core technology of an insurer. The annual fee is prepaid and amortized monthly. These systems are increasingly cloud-based SaaS platforms.
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