Difference between revisions of "Agency Bill: Adjust Company Payables for Direct Bill Commission"

From Agency Systems Wiki
Jump to navigation Jump to search
(Created page with "Category:Agency BillCategory:Journal TransactionCategory:Payables <table class="infobox" cellspacing="5" style="background-color: #FFFFFF; width:27em; text-align:l...")
 
(created in lieu of PDF, may add reconcile screen shots later.)
Line 30: Line 30:
 
</table>
 
</table>
  
−
[[media:Reconcile Agency Bill Payable Adjusted for Direct Bill Commission.pdf|Reconcile Agency Bill Payable Adjusted for Direct Bill Commission.pdf]]
+
The procedure detailed in this document should be followed when an insuring company bills invoices as agency and direct bill; then reduces the company payable amount for agency billed invoices with the direct bill commission amount due the agent on direct bill invoices.
 +
 
 +
== Journal Entries ==
 +
#Select '''Accounting -> Journal Entry'''.
 +
#Enter '''[[General Ledger Profile|G/L Account]] 1130''' for the first journal.  Press '''<TAB>'''.
 +
#Enter the '''Sub G/L for the company'''. Press '''<TAB>'''
 +
#Select a '''Date'''. ''(Right-click the date field to select a dynamic date, such as "End of Month".)'' Press '''<TAB>'''.
 +
#Enter a '''[[Department Profile|Department]]'''.  Press '''<TAB>'''.
 +
#Enter a '''Description'''.  Press '''<TAB>'''.
 +
#Enter the '''Amount''' of the direct bill commission as a '''credit''' ''(Example: '''$-508.25''')''. (Select the drop-down to display a calculator.)''. Press '''<TAB>'''.
 +
#The cursor automatically moves to the offset journal list at the bottom. 
 +
#Enter '''[[General Ledger Profile|G/L Account]] 2110''' for the offset journal.  Press '''<TAB>'''.
 +
#Enter the '''Sub G/L for the company'''. Press '''<TAB>'''
 +
#Enter a '''[[Department Profile|Department]]'''.  Press '''<TAB>'''.
 +
#Enter the '''Amount''' of the direct bill commission as a '''debit''' ''(Example: '''$508.25''')''.
 +
#Select '''Save'''.
 +
#Write down the system assigned '''Journal''' numbers. ''(Example: '''1065''' and '''1066''')''.
 +
[[File:Abcom-adj-dbcom-jrnlentry.png]]
 +
 
 +
== Applying Journals to Invoice Transactions ==
 +
 
 +
#Open any '''Direct Bill''' invoice included on the commission statement.
 +
#'''Double-Click''' on invoice line.
 +
#Select the Adjust button in the lower right-hand corner of the screen.
 +
#Select Adjust This Invoice Line With -> An Existing Journal.
 +
#Enter the Journal number entered to GL 1130. ''(Example: '''1065''')''
 +
#Select '''Accept'''.
 +
#:[[File:Abcom-adj-dbcom-existingtoDB.png]]
 +
#Select Finish to close the invoice line details.
 +
#Select Exit to close the invoice.
 +
#Open any '''Agency Bill''' invoice included on the commission statement.
 +
#'''Double-Click''' on invoice line.
 +
#Select the Adjust button in the lower right-hand corner of the screen.
 +
#Select Adjust This Invoice Line With -> An Existing Journal.
 +
#Enter the Journal number entered to GL 2110. ''(Example: '''1066''')''
 +
#Select '''Accept'''.
 +
#:[[File:Abcom-adj-dbcom-existingtoAB.png]]
 +
#Select Finish to close the invoice line details.
 +
#Select Exit to close the invoice.
 +
 
 +
== Reconciling and Paying Direct Bill Invoices ==
 +
 
 +
#Select Company -> Reconcile Company Receivables (Direct Bill).
 +
#Enter the '''Company Code'''.
 +
#Enter the '''Start''' and '''End Date''' of the invoices you want to reconcile/pay.
 +
#Select OK.
 +
#On the '''Transaction Details''', select '''Create a New Cash Transaction to Pay'''.
 +
#Enter the '''Bank'''.
 +
#Enter the '''Department'''.
 +
#Enter a '''Description'''.
 +
#Enter the '''Amount''' as '''0.00'''.
 +
#Select OK.
 +
#'''Right-Click''' and select '''Pay All in Full'''. ''(Optionally, '''Right-Click''' and select '''Pay This Invoice in Full''')''
 +
#Select '''Perform Reconciliation'''.
 +
#Select '''Yes''' to system message that reconcile will create a cash for zero dollars.
 +
 
 +
== Reconciling and Paying Agency Bill Invoices ==
 +
 
 +
#Select Company -> Reconcile Company Payables (Agency Bill).
 +
#Enter the '''Company Code'''.
 +
#Enter the '''Start''' and '''End Date''' of the invoices you want to reconcile/pay.
 +
#Select OK.
 +
#'''Right-Click''' and select '''Pay All in Full'''. ''(Optionally, '''Right-Click''' and select '''Pay This Invoice in Full''')''
 +
#Select '''Payment Details''' to verify check information.
 +
#Select '''Perform Reconciliation'''.

Revision as of 18:24, 22 March 2019

Related Pages
Related Categories

The procedure detailed in this document should be followed when an insuring company bills invoices as agency and direct bill; then reduces the company payable amount for agency billed invoices with the direct bill commission amount due the agent on direct bill invoices.

Journal Entries

  1. Select Accounting -> Journal Entry.
  2. Enter G/L Account 1130 for the first journal. Press <TAB>.
  3. Enter the Sub G/L for the company. Press <TAB>
  4. Select a Date. (Right-click the date field to select a dynamic date, such as "End of Month".) Press <TAB>.
  5. Enter a Department. Press <TAB>.
  6. Enter a Description. Press <TAB>.
  7. Enter the Amount of the direct bill commission as a credit (Example: $-508.25). (Select the drop-down to display a calculator.). Press <TAB>.
  8. The cursor automatically moves to the offset journal list at the bottom.
  9. Enter G/L Account 2110 for the offset journal. Press <TAB>.
  10. Enter the Sub G/L for the company. Press <TAB>
  11. Enter a Department. Press <TAB>.
  12. Enter the Amount of the direct bill commission as a debit (Example: $508.25).
  13. Select Save.
  14. Write down the system assigned Journal numbers. (Example: 1065 and 1066).

Abcom-adj-dbcom-jrnlentry.png

Applying Journals to Invoice Transactions

  1. Open any Direct Bill invoice included on the commission statement.
  2. Double-Click on invoice line.
  3. Select the Adjust button in the lower right-hand corner of the screen.
  4. Select Adjust This Invoice Line With -> An Existing Journal.
  5. Enter the Journal number entered to GL 1130. (Example: 1065)
  6. Select Accept.
    Abcom-adj-dbcom-existingtoDB.png
  7. Select Finish to close the invoice line details.
  8. Select Exit to close the invoice.
  9. Open any Agency Bill invoice included on the commission statement.
  10. Double-Click on invoice line.
  11. Select the Adjust button in the lower right-hand corner of the screen.
  12. Select Adjust This Invoice Line With -> An Existing Journal.
  13. Enter the Journal number entered to GL 2110. (Example: 1066)
  14. Select Accept.
    Abcom-adj-dbcom-existingtoAB.png
  15. Select Finish to close the invoice line details.
  16. Select Exit to close the invoice.

Reconciling and Paying Direct Bill Invoices

  1. Select Company -> Reconcile Company Receivables (Direct Bill).
  2. Enter the Company Code.
  3. Enter the Start and End Date of the invoices you want to reconcile/pay.
  4. Select OK.
  5. On the Transaction Details, select Create a New Cash Transaction to Pay.
  6. Enter the Bank.
  7. Enter the Department.
  8. Enter a Description.
  9. Enter the Amount as 0.00.
  10. Select OK.
  11. Right-Click and select Pay All in Full. (Optionally, Right-Click and select Pay This Invoice in Full)
  12. Select Perform Reconciliation.
  13. Select Yes to system message that reconcile will create a cash for zero dollars.

Reconciling and Paying Agency Bill Invoices

  1. Select Company -> Reconcile Company Payables (Agency Bill).
  2. Enter the Company Code.
  3. Enter the Start and End Date of the invoices you want to reconcile/pay.
  4. Select OK.
  5. Right-Click and select Pay All in Full. (Optionally, Right-Click and select Pay This Invoice in Full)
  6. Select Payment Details to verify check information.
  7. Select Perform Reconciliation.
Retrieved from "http://wiki.agencysystems.com/index.php?title=Agency_Bill:_Adjust_Company_Payables_for_Direct_Bill_Commission&oldid=5894"