Agency Bill: Adjust Company Payables for Direct Bill Commission

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Revision as of 18:24, 22 March 2019 by Kcrenshaw (Talk | contribs) (created in lieu of PDF, may add reconcile screen shots later.)
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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.