Eagle’s investment accounting solution allows Insurance companies to reconcile the investment accounting activity reflected on their investment schedules to related ledger accounts on their trial balances. For income activity, insurance companies reconcile income due and accrued amounts, current year income amounts received, and interest/dividends paid on acquisitions reflected on the insurance investment schedules to related amounts on the trial balance. You can use the following two accounting-basis level options, Income Received Accounting Flag and Mark to Market Accounting Flag, allow insurance companies to effectively perform this analysis for income activity.
Use Unique Ledger Postings for Interest and/or Dividend Income Received
Eagle Accounting recognizes interest income through accrual processing, which results in an interest receivable and interest income postings. For stocks, Eagle Accounting recognizes dividends receivable and dividends income by establishing and then processing a corporate action for dividends to be received. The system updates the interest income ledger account on an accrual basis and updates the dividend income account on ex-date. When the system records cash entries for interest and/or dividends, it reduces the receivables for interest and/or dividends. However, there are no separate entries within the ledger to identify interest or dividends received in unique income ledger accounts.
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| Account Number | Account Name | GL Post Type | GL Post Type Desc | GL Sub Acct | GL Sub Acct Desc | Need Memo Account |
|---|---|---|---|---|---|---|
| 5001000181 | Swap Expense Paid | IE | B | 5(expense) | Incstmt | Y |
| 4001000109 | Interest Income Received | II | B | 4(income) | Incstmt | Y |
| 4001100109 | Interest Income Received - st | II | B | 4(income) | Incstmt | Y |
| 4001200109 | Interest Income Received - ce | II | B | 4(income) | Incstmt | Y |
| 4001000605 | Dividend Income Received | II | B | 4(income) | Incstmt | Y |
| 4001000911 | Swap Interest Income Received | II | B | 4(income) | Incstmt | Y |
| 3006000703 | Trade Date to Settlement Date Gain on Interest | CA | B | 3(Capital) | Incstmt | Y |
| 3006100703 | Trade Date to Settlement Date Gain on Interest - st | CA | B | 3(Capital) | Incstmt | Y |
| 3006200703 | Trade Date to Settlement Date Gain on Interest - ce | CA | B | 3(Capital) | Incstmt | Y |
| 3006000704 | Trade Date to Settlement Date Loss on Interest | CA | B | 3(Capital) | Incstmt | Y |
| 3006100704 | Trade Date to Settlement Date Loss on Interest - st | CA | B | 3(Capital) | Incstmt | Y |
| 3006200704 | Trade Date to Settlement Date Loss on Interest - ce | CA | B | 3(Capital) | Incstmt | Y |
| 3006000705 | Trade Date to Settlement Date Gain on Dividend | CA | B | 3(Capital) | Incstmt | Y |
| 3006000706 | Trade Date to Settlement Date Loss on Dividend | CA | B | 3(Capital) | Incstmt | Y |
Separate Mark to Market URGL Accounts for Foreign-Denominated Receivables/Payables
You can select the accounting basis election, Mark to Market Accounting Flag (tag 16634), in the panels that allow you to create or edit an entity, master fund, or accounting basis. A description of this option follows.
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| Account Number | Account Name | GL Post Type | GL Post Type Desc | GL Sub Acct | GL Sub Acct Desc | Need Memo Account |
|---|---|---|---|---|---|---|
| 1002000101 | UNREALIZED FOREIGN CURRENCY INVESTMENT RECEIVABLE | MDF | B | 1(ASSET) | BALSHEET | Y |
| 1007000201 | UNREALIZED FOREIGN CURRENCY DIVIDENDS | MIR | B | 1(ASSET) | BALSHEET | Y |
| 1007000501 | UNREALIZED FOREIGN CURRENCY INVESTMENTS INTEREST RECEIVABLE | MIR | B | 1(ASSET) | BALSHEET | Y |
| 1007100501 | UNREALIZED FOREIGN CURRENCY INVESTMENTS INTEREST RECEIVABLE - ST | MIR | B | 1(ASSET) | BALSHEET | Y |
| 1007200501 | UNREALIZED FOREIGN CURRENCY INVESTMENTS INTEREST RECEIVABLE - CE | MIR | B | 1(ASSET) | BALSHEET | Y |
| 2002000101 | UNREALIZED FOREIGN CURRENCY INVESTMENT PAYABLE | MDT | B | 2(LIABILITY) | BALSHEET | Y |
| 2004000201 | UNREALIZED FOREIGN CURRENCY DIVIDENDS PAYABLE | MIP | B | 2(LIABILITY) | BALSHEET | Y |
| 2004000401 | UNREALIZED FOREIGN CURRENCY INVESTMENT INTEREST PAYABLE | MIP | B | 2(LIABILITY) | BALSHEET | Y |
| 2004100401 | UNREALIZED FOREIGN CURRENCY INVESTMENT INTEREST PAYABLE - ST | MIP | B | 2(LIABILITY) | BALSHEET | Y |
| 2004200401 | UNREALIZED FOREIGN CURRENCY INVESTMENT INTEREST PAYABLE - CE | MIP | B | 2(LIABILITY) | BALSHEET | Y |
| 4003000801 | MARK TO MARKETS - INVESTMENT RECEIVABLE | OI | B | 4(INCOME) | INCSTMT | Y |
| 4003100801 | MARK TO MARKETS - INVESTMENT RECEIVABLE - ST | OI | B | 4(INCOME) | INCSTMT | Y |
| 4003200801 | MARK TO MARKETS - INVESTMENT RECEIVABLE - CE | OI | B | 4(INCOME) | INCSTMT | Y |
| 4003000802 | MARK TO MARKETS - DIVIDENDS | OI | B | 4(INCOME) | INCSTMT | Y |
| 4003000803 | MARK TO MARKETS - INVESTMENTS INTEREST RECEIVABLE | OI | B | 4(INCOME) | INCSTMT | Y |
| 4003000804 | MARK TO MARKETS - INVESTMENT PAYABLE | OI | B | 4(INCOME) | INCSTMT | Y |
| 4003000805 | MARK TO MARKETS - DIVIDENDS PAYABLE | OI | B | 4(INCOME) | INCSTMT | Y |
| 4003000806 | MARK TO MARKETS - INVESTMENT INTEREST PAYABLE | OI | B | 4(INCOME) | INCSTMT | Y |
| 4003100806 | MARK TO MARKETS - INVESTMENT INTEREST PAYABLE - ST | OI | B | 4(INCOME) | INCSTMT | Y |
| 4003200806 | MARK TO MARKETS - INVESTMENT INTEREST PAYABLE - CE | OI | B | 4(INCOME) | INCSTMT | Y |
Report on Unique Ledger Postings for Interest/Dividend Income Received
All standard investment accounting reports reflect the accounts used when you select these basis-level options, including the Trial Balance report and the Working Trial Balance report, The Ledger Subledger Reconciliation report breaks out income on the ledger to income and income received.
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