Difference between revisions of "Create and Process Return Premium Invoice Due to Cancellation or Endorsement"

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{{#ev:youtube|j6GaoHeSL_c|300|right|Agency Bill - Cancel a Policy and Payment Processing}}
 
 
== Create the Cancellation or Endorsement Transaction ==
 
== Create the Cancellation or Endorsement Transaction ==
 
Prior to creating the invoice, the cancellation or endorsement policy transaction must exist.  
 
Prior to creating the invoice, the cancellation or endorsement policy transaction must exist.  
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#[[Client Tab#Find a Client|Load a client]] on one of the [[Client Tab|client tabs]].
 
#[[Client Tab#Find a Client|Load a client]] on one of the [[Client Tab|client tabs]].
 
#Select the (+) next to '''Policies'''. ''(To expand the band by default, see: [[Preferences]])''  
 
#Select the (+) next to '''Policies'''. ''(To expand the band by default, see: [[Preferences]])''  
#'''Left-Click''' the desired policy number to open '''[[Policy Express]]'''.  
+
#'''Left-Click''' the desired policy number to open the '''[[Policy Dashboard]]'''.  
 
#Select [[Policy: Cancel A Policy|'''Policy Tasks''' -> '''Cancel Policy]]''' or '''Policy Tasks -> Endorse Policy'''.
 
#Select [[Policy: Cancel A Policy|'''Policy Tasks''' -> '''Cancel Policy]]''' or '''Policy Tasks -> Endorse Policy'''.
 +
#:[[File:Poldash-dashboard-toolbar-policytask.png]]
 
#Enter the '''[[Transaction Profile|Transaction Code]]'''.
 
#Enter the '''[[Transaction Profile|Transaction Code]]'''.
 
#Enter the '''Transaction Date'''.
 
#Enter the '''Transaction Date'''.
 
#Enter a short description in the '''Transaction Details''' field.  
 
#Enter a short description in the '''Transaction Details''' field.  
 
#Select '''Create Diary''' if a follow up [[Diary]] is necessary.  If selected, enter the '''Diary Description''' and '''Policy Log'''.  
 
#Select '''Create Diary''' if a follow up [[Diary]] is necessary.  If selected, enter the '''Diary Description''' and '''Policy Log'''.  
#Select '''Ok'''.
+
#Select '''Next'''. ''(Select '''Next''' again to Move Forms if creating an Endorsement transaction.)''
  
 
== Create the Agency Bill Return Premium Invoice ==
 
== Create the Agency Bill Return Premium Invoice ==
 
#[[Client Tab#Find a Client|Load a client]] on one of the [[Client Tab|client tabs]].
 
#[[Client Tab#Find a Client|Load a client]] on one of the [[Client Tab|client tabs]].
 
#Select the (+) next to '''Policies'''. ''(To expand the band by default, see: [[Preferences]])''  
 
#Select the (+) next to '''Policies'''. ''(To expand the band by default, see: [[Preferences]])''  
#'''Left-Click''' the desired policy number to open '''[[Policy Express]]'''.  
+
#'''Left-Click''' the desired policy number to open the '''[[Policy Dashboard]]'''.  
#Select '''[[Express Billing]]''' within the top toolbar.  
+
#Select '''[[Policy & Billing]]''' within the top toolbar.  
 
#Choose the correct '''Invoice Date'''.  
 
#Choose the correct '''Invoice Date'''.  
 
#Select '''Next'''.
 
#Select '''Next'''.
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#Enter the agency commission as a positive percentage, or a '''negative amount'''. ''(10% or -50.00)''
 
#Enter the agency commission as a positive percentage, or a '''negative amount'''. ''(10% or -50.00)''
 
#Repeat the previous step for [[Producer Profile|Producer and Sub Producer]] if needed.
 
#Repeat the previous step for [[Producer Profile|Producer and Sub Producer]] if needed.
 +
#:[[File:Ab-Invoiceline-returnpremium.png]]
 
#Select '''Next''' to enter any additional line items such as taxes and fees.  
 
#Select '''Next''' to enter any additional line items such as taxes and fees.  
 
#Select '''Finish'''.  
 
#Select '''Finish'''.  
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Some companies may choose to send a single statement or refund check for the transaction.  The return premium invoice will create a credit company payable to 2110.
 
Some companies may choose to send a single statement or refund check for the transaction.  The return premium invoice will create a credit company payable to 2110.
  
#Select '''AP -> Reconcile Payables'''.
+
#Select '''Company -> Reconcile Company Payables (Agency Bill)'''.
 
#Enter the '''[[Company Profile|Company Code]]''' on the invoice line.
 
#Enter the '''[[Company Profile|Company Code]]''' on the invoice line.
 
#Verify the date range includes the [[#Create the Agency Bill Return Premium Invoice|agency bill return premium invoice]].
 
#Verify the date range includes the [[#Create the Agency Bill Return Premium Invoice|agency bill return premium invoice]].
 
#Select '''Ok'''.
 
#Select '''Ok'''.
 +
#:[[File:Ab-returnpremium-payables-reconcile.png]]
 
#'''Right-Click''' on the invoice, and select '''Pay This Invoice In Full'''.
 
#'''Right-Click''' on the invoice, and select '''Pay This Invoice In Full'''.
 +
#:[[File:Ab-returnpremium-payables-reconcile-pay.png]]
 
#Select '''Payment Details''' at the bottom of the reconcile window.
 
#Select '''Payment Details''' at the bottom of the reconcile window.
 
#Change the action to '''Create A New Cash Transaction To Pay'''.  
 
#Change the action to '''Create A New Cash Transaction To Pay'''.  
 
#Enter the details for the cash receipt, and select '''Ok'''.
 
#Enter the details for the cash receipt, and select '''Ok'''.
 +
#:[[File:Ab-returnpremium-payables-reconcile-paydetails.png]]
 
#When finished select '''Perform Reconciliation''' to create the cash and pay the company balance.
 
#When finished select '''Perform Reconciliation''' to create the cash and pay the company balance.
  
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#[[Client Tab#Find a Client|Load a client]] on one of the [[Client Tab|client tabs]].
 
#[[Client Tab#Find a Client|Load a client]] on one of the [[Client Tab|client tabs]].
 
#Select the '''Accounting''' tab at the top of the client tab. ''The return premium invoice will be listed with a credit balance.''
 
#Select the '''Accounting''' tab at the top of the client tab. ''The return premium invoice will be listed with a credit balance.''
#Select '''Reconcile''' on the top toolbar.  
+
#Select '''Reconcile Receivables''' on the top toolbar.  
 
#Verify the date range includes the [[#Create the Agency Bill Return Premium Invoice|agency bill return premium invoice]].
 
#Verify the date range includes the [[#Create the Agency Bill Return Premium Invoice|agency bill return premium invoice]].
 
#Deselect '''Create or use existing cash transaction''' since we will be creating a check transaction.  
 
#Deselect '''Create or use existing cash transaction''' since we will be creating a check transaction.  
 
#Select '''Ok'''.
 
#Select '''Ok'''.
 +
#:[[File:Ab-returnpremium-receivables-reconcile.png]]
 
#'''Right-Click''' on the invoice, and select '''Pay This Invoice In Full'''.
 
#'''Right-Click''' on the invoice, and select '''Pay This Invoice In Full'''.
 +
#:[[File:Ab-returnpremium-receivables-reconcile-pay.png]]
 
#Select '''Payment Details''' at the bottom of the reconcile window.
 
#Select '''Payment Details''' at the bottom of the reconcile window.
 
#Change the action to '''Create A New Check Transaction To Pay'''.  
 
#Change the action to '''Create A New Check Transaction To Pay'''.  
 
#Enter the details for the check transaction, and select '''Ok'''.
 
#Enter the details for the check transaction, and select '''Ok'''.
 +
#:[[File:Ab-returnpremium-receivables-reconcile-paydetails.png]]
 
#When finished select '''Perform Reconciliation''' to create the check and pay the client balance.
 
#When finished select '''Perform Reconciliation''' to create the check and pay the client balance.
 
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Create the Cancellation or Endorsement Transaction

Prior to creating the invoice, the cancellation or endorsement policy transaction must exist.

  1. Load a client on one of the client tabs.
  2. Select the (+) next to Policies. (To expand the band by default, see: Preferences)
  3. Left-Click the desired policy number to open the Policy Dashboard.
  4. Select Policy Tasks -> Cancel Policy or Policy Tasks -> Endorse Policy.
    Poldash-dashboard-toolbar-policytask.png
  5. Enter the Transaction Code.
  6. Enter the Transaction Date.
  7. Enter a short description in the Transaction Details field.
  8. Select Create Diary if a follow up Diary is necessary. If selected, enter the Diary Description and Policy Log.
  9. Select Next. (Select Next again to Move Forms if creating an Endorsement transaction.)

Create the Agency Bill Return Premium Invoice

  1. Load a client on one of the client tabs.
  2. Select the (+) next to Policies. (To expand the band by default, see: Preferences)
  3. Left-Click the desired policy number to open the Policy Dashboard.
  4. Select Policy & Billing within the top toolbar.
  5. Choose the correct Invoice Date.
  6. Select Next.
  7. Enter the return premium amount as a negative. (-500.00)
  8. Enter the agency commission as a positive percentage, or a negative amount. (10% or -50.00)
  9. Repeat the previous step for Producer and Sub Producer if needed.
    Ab-Invoiceline-returnpremium.png
  10. Select Next to enter any additional line items such as taxes and fees.
  11. Select Finish.
  12. Select Save.
  13. Select Exit.

Process the Company and Client Payments

Receive Company Return Premium

Some companies may choose to send a single statement or refund check for the transaction. The return premium invoice will create a credit company payable to 2110.

  1. Select Company -> Reconcile Company Payables (Agency Bill).
  2. Enter the Company Code on the invoice line.
  3. Verify the date range includes the agency bill return premium invoice.
  4. Select Ok.
    Ab-returnpremium-payables-reconcile.png
  5. Right-Click on the invoice, and select Pay This Invoice In Full.
    Ab-returnpremium-payables-reconcile-pay.png
  6. Select Payment Details at the bottom of the reconcile window.
  7. Change the action to Create A New Cash Transaction To Pay.
  8. Enter the details for the cash receipt, and select Ok.
    Ab-returnpremium-payables-reconcile-paydetails.png
  9. When finished select Perform Reconciliation to create the cash and pay the company balance.

Create Client Refund Return Premium Check

Unless the credit will be applied to another existing or future invoice, a client refund check to GL-1120 is required for agency bill transactions.

  1. Load a client on one of the client tabs.
  2. Select the Accounting tab at the top of the client tab. The return premium invoice will be listed with a credit balance.
  3. Select Reconcile Receivables on the top toolbar.
  4. Verify the date range includes the agency bill return premium invoice.
  5. Deselect Create or use existing cash transaction since we will be creating a check transaction.
  6. Select Ok.
    Ab-returnpremium-receivables-reconcile.png
  7. Right-Click on the invoice, and select Pay This Invoice In Full.
    Ab-returnpremium-receivables-reconcile-pay.png
  8. Select Payment Details at the bottom of the reconcile window.
  9. Change the action to Create A New Check Transaction To Pay.
  10. Enter the details for the check transaction, and select Ok.
    Ab-returnpremium-receivables-reconcile-paydetails.png
  11. When finished select Perform Reconciliation to create the check and pay the client balance.