How to input renewal income into Quickbooks

Instructions – Inputting monthly renewal statement activity into Quickbooks

This is a step by step guide to entering your monthly renewal statement into quickbooks by exporting and importing. You need to get the "Able2Extract" program in order to do this and if you are just starting out you can do this manually. This is for Quickbooks 2010 Premier Edition. If you just don't want to have to deal with all of this I would encourage you to get someone to do it for you so you can show a payment history of each client and the balance they have with you. I would recommend Randy Russon for the job. You can find his contact information within this blog.


1. Go to your commission statements online.
2. Click on Commission Statements
3. Login to commission statement section.
4. Click on Renewal Statements.
5. Select the most recent renewal statement.
6. After the file opens as a pdf file, save the file to the desktop.
7. Open the Able2Extract Program.
8. Open the renewal statement file from the desktop.
9. Select Edit, Select All Pages
10. Click the excel icon and convert.
11. In the excel file, go to the very bottom of the document and delete any rows that have information on chargebacks. You will enter this information later, but don’t want it included with the renewal information.
12. Delete the header information at the top of the spreadsheet. Delete all rows above the Policy No./ Policyholder titles that start the beginning of the data.
13. Select the remaining data for the entire document so that it is highlighted.
14. Click on Data, Sort
15. Sort by Column D, Writing Agent.
16. Delete all rows for any agents other than Ethan Selph.
17. Open your Customers file in Quickbooks.
18. Hide all columns in Excel except for Policy No, Policyholder, Product, Earned Credit and Earned Commission.
19. For the amounts listed in the “Earned Credit” column you will need to input a payment into Quickbooks as follows:
20. In Quickbooks, Click on the Home window.
21. Click on Receive Payments.
22. Type in the last name in the Received From section until you find the correct client.
23. The amount is the amount listed in the Earned Credit column.
24. The date is the date of the report – for example 5/31/2010 for the 5/31/2010 renewal statement.
25. The deposit to line needs to be changed so that the payment is posted to the appropriate insurance company. Determine the product type from the excel spreadsheet either in the product column or after the name of the policyholder.
26. Click on Save and New and move on to the next payment following the same steps as above.
27. You may highlight or bold the information in the excel spreadsheet so that you remember which payments you have already input.
28. For the amounts listed in the “Earned Commission” column you will need to create an invoice and an immediate payment on the same day.
29. To create an invoice, go to Home and Create Invoice.
30. Select the Customer. If the customer is not in the system, add them to the system.
31. Select the class – product type.