HawkSoft provides tools for your agents and bookkeepers to create invoices, process payments, issue credit memos, track trust accounting transactions, and export those transactions to QuickBooks®.
The following articles will help you configure Trust Accounting for your agency and learn how to manage customer receivable and company payable transactions, run reports, and reconcile your accounting transactions with QuickBooks.
Trust Accounting Setup Overview
For agencies that manage their trust accounting through HawkSoft, these articles will help you update your Trust Accounting settings and configuration.
Invoicing Overview
HawkSoft enables you to create invoices for premiums, taxes, and other fees. The following articles will help you to create a customer invoice, explain how to enter retained commission, and provide instructions for applying and recording customer payments.
Payment and Receipting Overview
This article provides an overview of the different types of payment transactions and the tools to manage payments, invoices, unapplied payments, and credits.
Trust Transaction Review Overview
The objective of the Trust Transaction Review process is to record the deposit of customer payments in QuickBooks and print checks from your Trust account. Recording deposits includes verifying customer receipts by running the Trust Accounting Report for all receipts entered into HawkSoft for a period of time. Comparing the report against the funds to be deposited is a way to check the accuracy of the receipts.
Opening Balance
Opening balances are entered into HawkSoft and QuickBooks® for any existing customer account balances or balances due to the carrier. These balances are carried over from your previous accounting management system to HawkSoft and QuickBooks at the beginning of an accounting period.
Refunds and Corrections Overview
HawkSoft enables you to make changes to your accounting transactions when a mistake is found. You can also issue a customer refund for overpayment or as a result of a credit on an agency bill policy cancellation.
Paying Company Payables Overview
HawkSoft enables your agency to track open balances due to the carriers by generating an Unpaid Payables Report when your agency creates agency bill invoices. You can export the transactions to QuickBooks, and optionally queue up checks to print.
Close of Month Procedures
The objective of the close of month process is to reconcile your bank account statement with the bank ledger in QuickBooks® and reconcile your customer balances between HawkSoft and QuickBooks on a monthly basis. This process includes transferring funds from your Trust account to the Operating account as needed to record income. Reconciling your bank account helps ensure that everything is accounted for in your QuickBooks company file, ensuring that your financial records are accurate.
Accounting Reporting and Processing
These articles help you run accounting related reports in HawkSoft. The information in these reports comes from accounting transactions recorded in client receipts, invoices, and company payables. These reports can provide a "snapshot" of any given time-frame, as well as summaries of agency accounting transactions based on a variety of criteria.
Additional Resources
Trust Accounting Migration Overview
This article provides resources to help your agency transition your trust accounting from HawkSoft v5 to HawkSoft v6.
Trust Accounting Migration Overview
Trust Accounting Terms
To help get you started, you may want to review the HawkSoft CMS Trust Accounting Terms article to learn some of the common terms that are used throughout the Trust Accounting section of CMS Help.
QuickBooks® Online Tutorials
A collection of webinar recordings and tutorial videos provided by QuickBooks.