Add Branch Insurance

In eTIMS (Electronic Tax Invoice Management System), branch insurance refers to an insurance policy or coverage associated with a specific branch of a business.

Adding branch insurance in eTIMS allows businesses to document and manage insurance-related expenses, ensuring accurate financial reporting and compliance with Kenya Revenue Authority (KRA) guidelines.

Why Add Branch Insurance?

1. Streamlined Expense Management
   It keeps track of insurance costs at the branch level for better financial oversight.
2. Compliance with KRA Regulations
   It ensures proper documentation of deductible insurance expenses for tax purposes.
3. Branch-Level Financial Independence
   It separates insurance-related records for each branch, improving audit trails and accountability.
4. Improved Record Keeping
   It maintains accurate records of insurance policies tied to specific branches.

Steps to Add a Branch Insurance in eTIMS

1. Log in to Slade360 eTIMS Infrastructure
   Access the eTIMS system using your credentials via Slade360 eTIMS APIs.
   Navigate to the Branch Management module.
2. Select the Branch
   Choose the branch for which the insurance policy applies. You should ensure you are in the branch-specific management interface.
3. Access the Add Insurance Option
   Locate and click the Add Insurance button or option within the branch details.
4. Enter Insurance Details
   Provide the necessary details about the insurance policy:
   1. Insurance Provider
      Enter the name of the insurance company (e.g., ABC Insurance Limited).
   2. Policy Number
      Specify the unique policy number assigned by the insurance provider.
   3. Coverage Type
      Indicate the type of coverage (e.g., property insurance, liability insurance, health insurance).
   4. Effective Dates
      1. Start Date
         The date the policy becomes active.
      2. End Date
         The date the policy expires.
   5. Premium Amount
      State the total premium cost for the policy.
   6. Payment Terms
      Indicate whether the premium is paid in full, in installments, or on another schedule.
   7. Branch Assignment
      Confirm the branch to which this insurance policy applies.
5. Upload Supporting Documents (Optional)
   Attach any necessary documents, such as the policy agreement or premium payment receipt, for record-keeping and verification.
6. Review and Save
   1. Verify all the details entered for accuracy.
   2. Click Save or Submit to complete the process.

Best Practices When Adding Branch Insurance

1. Accurate Data Entry
   Double-check insurance details such as the policy number and coverage dates to avoid errors.
2. Attach Relevant Documentation
   Upload policy agreements and receipts to create a comprehensive record.
3. Update Regularly
   Ensure expired policies are updated or replaced in the system to maintain compliance
4. Audit Insurance Expenses
   Periodically review insurance records for each branch to ensure proper financial reporting.

Benefits of Adding Branch Insurance via Slade360 eTIMS APIs

1. Centralized Management
   It enables businesses to manage all branch insurance policies in one platform.
2. Improved Financial Accuracy
   It ensures proper allocation of insurance costs to the relevant branches.
3. Simplified Tax Compliance
   It facilitates accurate reporting of insurance-related expenses to KRA.
4. Clear Audit Trail
   It provides a well-documented history of insurance policies for each branch.