insurance agency

Mankato_128Mankato_128 Member Posts: 2

I am a sole proprietor and sell employee benefits. I am looking at moving from Quickbooks to Wave. With Quickbooks I would enter in Sales a client name and then what was called an Item or the name of the insurance carrier that is actually sending me the money. This gave me the ability to run a report per client to see how much commissions or income I made per client. But I was also able to run a report by Item for all the insurance carriers to see how much in a total income I received from each of them. This is very handy to match up with the 1099s I get from the insurance carriers to compare. So far I have not been able to figure how to accomplish this with Wave. Nor has their own line chat help. They suggested I reach out to the community to see if any other insurance agents are using Wave and are doing or want to do the same thing I need it to do. Any suggestions or help out there?
Thanks,
Mike

Comments

  • AlexLAlexL Administrator Posts: 1,091 admin

    Hi @Mankato_128 . Welcome to Wave and glad to have you in the Community :smile: ! You can attach a Customer to any of your Sales transactions in the Transactions page by clicking "add customer" and selecting the appropriate individual. You can then generate information on this through the Income by Customer Report in our Reports page. In terms of generating a report on a product level, this is not something that is currently offered in Wave. The best workaround for this would be as follows:

    Because your income is recorded on a product level, when you create a product/service in Wave and associate it to an income account, every time that the product is added to an invoice, income is recorded to that associated account. Because of this, if you were to create a separate income account that represented each and every product you sell, you can track how much you're making per product.

    For example, if you associated a Chocolate Income Account to the $10 Chocolates that you sell, you could navigate to your Account Transactions Report, filter for the Chocolate Income Account and view all of your sales associated directly to the chocolates.

    Again, this is a work around that works better for the less products / services that you sell, but it will definitely accomplish the needs of what you're looking for in tracking income on a product level.

  • Mankato_128Mankato_128 Member Posts: 2

    But how does that record the sales or income to both the client and the product or insurance carrier? I need a report for each client that shows income for each one. Which I see can be done. but also need a report that shows how much I was paid for instance by Aetna. Currently with Quickbooks I enter a sale for a client and then Aetna is added as an item. So I can then get reports for both. I cannot be the first insurance person that uses Wave. I am paid by the insurance Carrier for each client. I have no invoices. Mike

  • SamdSamd Administrator Posts: 560 admin

    Hey @Mankato_128 - you can apply the insurance carrier to each income transaction. You'd register the money in as Income, and then select 'Add a customer'. At the moment there wouldn't be a way to tag the product to the income transaction though - this can only be done via invoicing. Quickbooks offers sub-categories/accounts which allow for tracking like this (as well as project or property management) but at this time Wave does not. Thank you for your feedback however! I know a lot of our customers would like to see tracking like this implemented in Wave and we take all this feedback to heart. I can't make any promises about implementation or timelines, but we've made a number of changes and updates which originally weren't part of our roadmap due to customer feedback.

  • BIRDYFLUBIRDYFLU Member Posts: 2

    You can always create an item under a new account instead of Sales account. I managed to change the name of the account by choosing "other income" category and "other" subcategory then it asks for a custom name. This way you can filter the account to see the list of customers for a specific item. Make sure you get to the page with the most extensive detailed statement for a customer and choose all customers from filter sections

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