Chart of Accounts
Policy accounting functionality in STEP Policy Administration allows users to set up and use Chart of Accounts easily. Since different carriers have different methods to track and account for a particular transaction, often this results in a proliferation of sub-accounts, which are cumbersome to setup. To avoid this complication, STEP employes a dimension-based approach to transaction accounting. In addition to specifying the credit and debit accounts for a transaction, multiple attributes can be tagged and reported on. Transaction attribute tagging can vary for different accounting transactions, thereby allowing even greater flexibility and ease of use.