Quick Answer
Month-end close in Applied Epic means reconciling your bank and trust accounts, matching carrier statements for agency- and direct-bill business, reconciling direct-bill commissions, posting accruals and adjusting entries, and closing the general ledger period — ideally on a defined close calendar. Because Epic's accounting ties to the same policy and billing data, a clean close keeps trust, commissions, and premiums payable reconciling from one source.
Month-end close in Applied Epic brings every moving part of brokerage accounting into one closed, reportable period. Because Epic’s accounting module ties to the same policy and billing data that runs your business, the close keeps trust, commissions, and premiums payable reconciling from a single source.
A reliable Epic close covers, at minimum:
- Bank and trust reconciliation — reconcile the trust bank balance to the trust ledger and to the trust liability, confirming trust assets cover what you owe out of trust.
- Carrier statement matching — match each insurer’s statement to what Epic recorded on the policies, for both agency-bill and direct-bill business.
- Direct-bill commission reconciliation — compare the commission carriers reported and paid against what Epic expected, then correct commission income and receivables.
- Accruals and adjusting entries — post accruals, prepaids, and adjustments so income and expenses land in the right period.
- Closing the GL period — review the trial balance, confirm reconciliations, then close the general ledger period and produce the financial package.
The biggest risk is not Epic itself but discipline. When the close runs inside the system on a fixed calendar, the numbers tie out. When the “real” accounting drifts into spreadsheets, Epic falls behind and year-end becomes a cleanup. (Applied Epic and Applied Systems are trademarks of Applied Systems, Inc.)
For the full step-by-step monthly process, see our insurance brokerage month-end close checklist.
Related questions
Should the close happen inside Epic or in spreadsheets?
Inside Epic. When the close runs in the system, the trust position, commissions, and premiums payable all reconcile from the same records. Moving the 'real' accounting into spreadsheets is the most common reason Epic falls out of sync.
How long should an Epic month-end close take?
It varies with size and how clean the prior month was, but a brokerage that closes every month on a fixed calendar can usually deliver a financial package within a committed turnaround. Firms that only reconcile occasionally take far longer because differences have compounded.
Sources
Go deeper
Pillar guide
Insurance Brokerage Month-End Close Checklist
Last Updated: May 2026
Sources reviewed: May 23, 2026. General information only — confirm with your CPA or your provincial broker regulator before acting.