Multi-currency insurance brokerage accounting
In BrokerageLoop, each brokerage declares which currencies its book may use. Totals never silently mix currencies — a policy in EUR stays in EUR through quote, bind, commission and reconciliation.
Why silent currency mixing is dangerous
A regional book often runs in more than one currency at once — the brokerage's home currency, the currency an international insurer quotes in, the currency a client pays in. A spreadsheet SUM() doesn't know the difference between a USD row and an AED row; it just adds the numbers. The result looks precise and means nothing, and the mistake usually isn't caught until a reconciliation or an audit forces someone to look closely.
How BrokerageLoop keeps currencies honest
Each brokerage declares which currencies its book may use. A policy, quote, commission entry or statement keeps its original currency through the entire lifecycle — quote, bind, commission calculation, reconciliation — rather than being converted or blended along the way. Totals are computed within a currency, never silently mixed across currencies.
This extends to how money is tracked between parties. Bank reconciliation ingests bank statements and reconciles them against recorded money movements. Counterparty statements — to clients, insurers, introducers, agents or co-brokers — show what's owed to you and what you owe as two separate figures, rather than netting them into one number that hides which currency did what.
A correction never overwrites history, either — including a currency-related correction. It creates a compensating entry that points at what it reverses, so the audit trail shows exactly what was fixed and why.
How consolidated reporting works without touching the underlying numbers
Dashboards and analytics show one clearly marked approximate figure in the brokerage's main currency, translated at the brokerage's own dated exchange rates — sitting beside the untouched per-currency subtotals, not replacing them. Anyone drilling in still sees the real, original-currency numbers underneath.
The year-end pack translates into the brokerage's filing currency for that purpose, and refuses to export if a rate is missing for any period it covers, rather than silently guessing at one.
Statements, registers, generated documents and the push to your accounting system are never translated — they stay in the currency the transaction actually happened in. Currency translation only ever happens for the approximate consolidated view, never to the underlying record.
What's not yet confirmed
- [TODO] Publish the exact list of currencies supported today.
Frequently asked questions
Which currencies are supported?
[TODO] Replace with a confirmed currency list before publishing.
Can I see a consolidated total across currencies for reporting?
Yes. Dashboards and analytics show a clearly marked approximate total in your main currency, translated at your own dated exchange rates, alongside the untouched per-currency subtotals — the per-currency numbers are never altered to produce it.
Does commission calculate correctly across currencies?
Yes — commission is calculated and recorded in the policy's own currency, including splits and clawbacks. It's translated only for the approximate consolidated view in dashboards and analytics, never in the commission register itself.
Ready to run your book from one register?
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