Recognition dateRecognition rateThe exchange rate used when a transaction is first recorded. Premiums use the policy inception date, liability claims use the date reported and all other claims use the date of loss.
01 Jun 2026
CurrencyFCYForeign currency: the currency a policy, premium, claim or payment is agreed in when it is not rand (ZAR). FCY amounts are kept exactly as agreed and exchange-rate movements never change them.
USD
Recognition rate
16.34000000 ZAR per USD
Gross premium
US$720 362,29
Broker commissionBroker commissionThe share of the premium the broker earns, usually a percentage of the gross premium. When a receipt is net of commission, the broker keeps this amount and pays over the rest.
US$144 072,46
Binder feeBinder feeA fee for binding authority, calculated on the premium. It is recorded when calculated, but stays blocked until the ZAR remittance is submitted and the insurer has accepted it.
US$108 054,34
Net of commission
US$576 289,83
ZAR at recognition
R 11 770 919,82
ZAR carrying valueZAR carrying valueThe rand value an open foreign-currency item is currently held at in the books. It starts at the recognition-rate value and is restated at each month-end until the item is settled.
R 11 770 919,82
Open amount
US$720 362,29
Prepared by
Nandi Preparer
Validated by
Nandi Preparer
Approved by
Thabo Approver
Posted
01 Jun 2026 11:15
Posting batchPosting batchA reference that groups the ledger entries and journal written together by one posting, so they can be traced and reconciled as one unit.
PB-SEED-001
Comment
Seeded Valterra worked example.
Lines and remuneration
Each line keeps its product, cover and invoice number. Fees keep their own rate, basis and cash direction.
Premium lines
Invoice
Product
Cover
Gross USD
Tax USD
Commission USD
Binder fee USD
Open USD
Carrying ZAR ZAR carrying valueThe rand value an open foreign-currency item is currently held at in the books. It starts at the recognition-rate value and is restated at each month-end until the item is settled.
INV-VAL-001
Assets All Risks
Property Damage
US$450 000,00
US$0,00
US$90 000,00
US$67 500,00
US$450 000,00
R 7 353 000,00
INV-VAL-002
Assets All Risks
Business Interruption
US$270 362,29
US$0,00
US$54 072,46
US$40 554,34
US$270 362,29
R 4 417 919,82
Remuneration components
Component
Line
Rate
Base
Amount
Carrying ZAR
Cash direction
Status
Remittance
Broker commission
Rate evidence
Where the recognition rate came from. It is locked when the premium is posted.
Rate evidenceThe stored record of where an exchange rate came from: the provider, quote direction, requested and used dates, retrieval time and a fingerprint of the provider's response. It cannot be changed once used.
Maker-checkerA control where one person prepares a transaction and a different person approves it. Nobody can approve their own work.
No approval decisions yet.
Posting effects
Everything written in the posting batch, in one transaction.
Journal JournalA balanced set of ZAR debit and credit lines for the general ledger. Each journal links back to the transactions that produced it.
No journal yet.
Statistical entries Statistical entryA record of the gross premium or claim amount in the contract currency. Statistical entries are only ever added to, and settlement, fees or exchange movements never change them.
Movement
Product
Cover
Amount
Effective
gross written premium
Assets All Risks
Property Damage
US$720 362,29
01 Jun 2026
Subledger entries SubledgerA detailed ledger that sits below the general ledger. The FCY subledger tracks open items in foreign currency; the ZAR subledger tracks their rand values, settlements and exchange differences.
History
Every action on this premium, its fees and remittances, oldest first. Entries are never changed.
No history yet.
Broker commissionThe share of the premium the broker earns, usually a percentage of the gross premium. When a receipt is net of commission, the broker keeps this amount and pays over the rest.
INV-VAL-001
20%
US$450 000,00
US$90 000,00
R 1 470 600,00
Broker keeps it
CALCULATED
—
Binder feeBinder feeA fee for binding authority, calculated on the premium. It is recorded when calculated, but stays blocked until the ZAR remittance is submitted and the insurer has accepted it.
INV-VAL-001
15%
US$450 000,00
US$67 500,00
R 1 102 950,00
Payable to the insurer
CALCULATED
Not yet remitted
Survey feeSurvey feeA fee for surveying the insured risk. It is kept as its own component with its own basis, payee, cash direction and status.
INV-VAL-001
5%
US$450 000,00
US$22 500,00
R 367 650,00
Broker keeps it
CALCULATED
—
Broker commissionBroker commissionThe share of the premium the broker earns, usually a percentage of the gross premium. When a receipt is net of commission, the broker keeps this amount and pays over the rest.
INV-VAL-002
20%
US$270 362,29
US$54 072,46
R 883 543,99
Broker keeps it
CALCULATED
—
Binder feeBinder feeA fee for binding authority, calculated on the premium. It is recorded when calculated, but stays blocked until the ZAR remittance is submitted and the insurer has accepted it.
INV-VAL-002
15%
US$270 362,29
US$40 554,34
R 662 657,94
Payable to the insurer
CALCULATED
Not yet remitted
Ledger
Account
Product
Cover
Debit ZAR
Credit ZAR
Amount
Posting batch
fcy operational
PREMIUM_RECEIVABLE_CONTROL
Assets All Risks
Property Damage
R 11 770 919,82
R 0,00
US$720 362,29
PB-SEED-001
Live register Live registerThe append-only list of every recognition, allocation, settlement, revaluation, remittance and reversal. Earlier events are never changed; corrections appear as new events.
