What is the Applied Epic accounting module?

The Applied Epic accounting module is the built-in part of Applied Epic that maintains a general ledger and handles the accounting that is specific to an insurance brokerage. Epic is a broker management system first — it runs clients, policies, carriers, and documents — and the accounting module ties financial records to that same data.

What the module covers:

• The general ledger — chart of accounts, journal entries, and financial statements.
• Direct bill and agency bill — two different billing flows, each accounted for differently.
• Premium trust — tracking money held on behalf of clients and insurers separately from operating funds.
• Carrier reconciliation — matching insurer statements to what Epic recorded on the policies.
• Commission accounting — recognizing commission income and tracking what producers are owed.
• Month-end close — pulling reconciliations and adjustments together into a closed period.

The reason it matters is integration: in a brokerage, the accounting is the billing, so keeping it in the same system as the policies means the numbers reconcile from one source. The catch is that the module is only as good as its configuration and the discipline behind it. If the chart of accounts and reconciliation settings were never set up properly, or staff moved the “real” accounting into spreadsheets, the module falls out of sync. (Applied Epic and Applied Systems are trademarks of Applied Systems, Inc.)

For a full walkthrough of how the pieces fit together, see our guide to Applied Epic accounting for Canadian brokerages.